Malayan Banking Bhd (Maybank) has launched Malaysia’s first cardless ATM (automatic teller machine) withdrawal service where customers can get money from its ATMs using passcodes obtained using the bank’s online portal. The bank expects cardless withdrawals to become popular, estimating to see 20,000 such withdrawal
Malayan Banking Bhd (Maybank) has launched Malaysia's first cardless ATM (automatic teller machine) withdrawal service where customers can get money from its ATMs using passcodes obtained using the bank's online portal.
The bank expects cardless withdrawals to become popular, estimating to see 20,000 such withdrawals per month within the year.
“Maybank Cardless Withdrawal is among the fastest, most convenient and affordable ways to send cash to family members and friends, even when they need cash urgently but don't have ATM cards handy,” said the group head, Community Financial Services and CEO, Maybank Singapore, Lim Hong Tat.
Lim said the service which opens up its channels even to those without Maybank's accounts leverages on two key strengths of Maybank – in the online space via Maybank2u and in electronic banking via ATMs.
Under this service, a Maybank customer wanting to send money initiates the withdrawal through the Maybank2U portal and the bank assigns unique identification (ID) for both sender and recipient.
Once confirmed, the recipient keys in the unique ID at any Maybank ATM to get the money.
Lim said sufficient security measures are in place to protect both the recipient and the sender.
“Dual authentication is required as the recipient will have to key-in two IDs to be able to withdraw the cash."
Lim said the potential of this service is big and Maybank is planning to extend the service to other markets with Maybank ATMs starting with Singapore, subject to regulatory approvals.