Just like many of us no longer carry cash, the need of a debit card is starting to become a thing of the past. Many of us buy products online, and while it is not too spread out yet, NFC payment technologies are allowing us to purchase with our smartphones. NCR Corporation plans to take things further by exploring into a new territory – cash withdrawals with the use of a smartphone.
The concept is much simpler than one would expect. The user would simply make a selection via the NCR Mobile Cash Withdrawal app and scan the QR code that would be displayed in an ATM’s screen. After that, the transaction will be processed and the cash withdrawn, with the user receiving an electronic receipt.
Unlike services like Google Wallet and Isis, the system under development has no need for new hardware and uses technology that has been available to us for many years. All one needs is an internet-connected device that can read a QR code. The ATM machine would also need a software upgrade to display said code.
This would make the transition much faster (granted banks were to join), as the expenses of adapting to NCR’s technology would be minimal.
We know there is one big red flag waving over your heads right now, though. Security is a major factor, and we are not sure how this service performs in those terms. If banks are to join the movement, though, we should hope that they would do so only after making sure its customers are safe.
NCR claims that this solution would reduce skimming fraud, as one wouldn’t be using an actual card to withdraw money. But a smartphone-operated transaction can bring many other concerns. The device’s software is not a safe, and we have had our good share of malware and other types of viruses.
More details will come as this service starts to become available. We can stick to our old, plastic debit cards for now. But what do you guys say? Would you like being able to do this?