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Coming soon: withdraw ATM cash wirelessly and safely using your phone

June 16, 2012

Using an NFC-equipped smartphone to pay for meals and small items might be all the rage now, but cash still dominates in many parts of the world. With ATM machines not going away anytime soon, one company is proposing the combined use of a mobile app and the camera on your Android smartphone to withdraw cash wirelessly from the ATM machine.

As demonstrated on the video, the NCR Mobile Cash Withdrawal system consists of a mobile app and an additional software installed on the ATM machine. Additional hardware installation, such as an NFC reader or barcode scanner — however — is not required, which makes it a more attractive proposition for banks to implement the system.

If you’re looking to draw some money, simply load up the app on your phone, insert your PIN, and choose the desired amount. All you have to do next is hit the scan button on the app and point your camera towards the QR code on the ATM screen. It will then initiate the transaction and dispense your cash. Sounds easy and secure enough?

The company is trying to sell the system as a solution that can speed up transaction time, for the customer’s benefit, and reduce instances of skimming fraud, for the benefit of both customers and banks.

ATM skimming, if you’re not familiar with the term, is the act of illegally collecting data from your ATM or credit card so that it can be used to withdraw cash or make purchases once the data is copied onto another card. The data stealing usually happens when you use an ATM machine that has been fitted in with a counterfeit card reader.  The wireless nature of NCR Mobile Cash Withdrawal system will avoid folks from becoming the victim of such fraud.

But since the NCR Mobile Cash Withdrawal system is still a concept for now, we suggest you keep those ATM cards in your wallet.