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Showing posts with the label ATM

Getting to a unified digital payment system for Singapore

Nets – the leading payment solutions provider – recently announced that it would launch new payment modes across all of its 100,000 acceptance points in Singapore by mid-2018. What does this mean for Singapore’s quest for a unified payments system? Japnit Singh, Deputy Chief Executive Officer at Spire Research and Consulting shared his insights, published on Today Online’s news portal. Japnit opined that the infrastructure laid out by Nets for a unified point-of-sales terminal is a big step forward. But what was needed was an open platform with other payment companies able to join, to ensure competition. This is seen in the telco industry where infrastructure sharing is required. The new payment modes that Nets will implement include an app storing a digital version of Automated-teller machine (ATM) cards, new contactless cards along with mobile payments through Quick Response (QR) codes. It remains to be seen if transaction fees will be hiked. If so, merchants will h

Asia paves the way for cardless ATM withdrawals

Banks in Asia now offer cardless ATM withdrawals, enabling consumers to access their money with only a mobile phone. This is seen as providing not only increased customer value but also brand differentiation. Jeffrey Bahar, Deputy Chief Executive Officer of Spire Research and Consulting, was invited to share his observations on Asia leading the way in cardless ATM withdrawals. UOB was the first bank in Singapore to offer Mobile Cash – a method of retrieving money without the need for an ATM card. Now, consumers can go to the ATM and top up their pre-paid cards with mobile cash. Subsequently, they access the internet via their mobile device and use that money to perform transactions online. In Malaysia, Maybank was the first bank to offer a similar feature. A PIN would be sent to the recipients’ phone as an SMS, and it would be used to withdraw funds at an ATM. CIMB Niaga launched a service called “Rekening Ponsel” in Indonesia; allowing consumers to use banking services w

Withdraw cash at drive-through ATMs

Indonesian banks have launched a novel channel that allows customers to withdraw cash through drive-through automated teller machines (ATMs). However, Jeffrey Bahar, Deputy Chief Executive Officer of Spire Research and Consulting, sounded a cautionary note on the risks and limitations of the new platform. Drive-through ATMs have become more common in countries across the Asia Pacific, such as China (through Citibank), Australia (through Bendigo Bank and NAB) and particularly Indonesia. Bank Negara Indonesia (BNI) first launched its drive-through ATM service in 2004, and is now seeing an average usage rate of approximately 7,600 transactions per month in each of its 29 drive-through destinations. BNI plans to expand this service with an additional 15 new drive-through ATMs for motorcycles in 2014. However, Bahar commented that security concerns – especially issues pertaining to magnetic ATM card cloning and robbery – would deter customers from transacting at drive-through ATMs