|

OCBC is the first bank in Singapore to enable cash withdrawals at ATMs using QR codes.

Consequently, OCBC customers no longer need to use a debit card and PIN to withdraw cash at OCBC’s 655 ATMs.

Go deeper with GlobalData

Data Insights

The gold standard of business intelligence.

Find out more

Instead, OCBC customers can scan a QR code on the OCBC Pay Anyone app.

Users then complete the QR code ATM transaction by authenticating via fingerprint, faceprint or mobile banking login credentials.

Digital banking is soaring at OCBC. The bank says that active customers using mobile banking is up by 25% in the past year.

But despite the move towards a cashless Singapore three million cash withdrawals are made each month at OCBC Bank’s ATMs. That figure remains unchanged from a year ago.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

QR code ATM transactions in under 45 seconds

OCBC says that traditional use of the ATM can take around 80 seconds per transaction.  The new QR code ATM transaction can be completed un under 45 seconds.

Moreover, OCBC says that using a QR code rather than keying in a PIN is more secure.

In particular, OCBC says that biometric authentication us a more robust security feature than using a PIN number.

Furthermore, a physical ATM card can be skimmed while a mobile device cannot.

At the same time, the QR code ATM security features mean that the account can be barred. So if a customer’s mobile is lost or stolen a stop can be placed on the account.

“We recognise ATMs are still an essential and frequently used touchpoint, says Aditya Gupta, head of digital business, OCBC Bank.

“Increasingly, more of these customers are getting familiar with and scanning QR codes to pay.

“We want to bring them the same ease, speed and security when they get cash at our ATMs. We believe this completely reimagines a core service for which customers engage with the banks

And we will move the needle in making QR code payments mainstream in Singapore.”