Indian bank introduces contactless cash withdrawal
Customers can send money to others, as well as access cash themselves
Spotted: Kotak Mahindra Bank account holders now have the ability to access cash via ATMs without needing to use a card. The Cardless Cash Withdrawal Facility process is simple, using only mobile phones, names and addresses. Customers verify each transaction with the mobile number registered to their bank account and must register each beneficiary of a transfer. Once registered, sending funds is quick and easy, with text messages confirming the amount and security code.
With only the sender needing to be a Kotak bank account holder, the innovation significantly improves access to funding for the millions of unbanked community members around the world. Customers can also register to be a beneficiary of their own account, thus setting themselves up for contactless withdrawals at any of the bank’s ATMs. Based in Mumbai, Kotak has branches across India, with international offices around the world.
As a digital-first bank, Kotak continuously develops its tech-based products, which already include banking via WhatsApp and text messaging and travel booking, virtual personal assistant and government document digilocker services.
From smart cash registers to city recycling guidance, Springwise is spotting applications of technologies that help make a diversity of aspects of personal and business financial management less of a headache.
Written by: Keely Khoury
Explore more: Financial Services Innovations | Health & Wellbeing Innovations
7th September 2020