New Financial Innovations for Smartphone Users
April 12, 2021
Are you one of many of us who has discovered after leaving the house that you remembered your smartphone but not your wallet? There’s good news for you. In addition to being able to show your ID on your smartphone in some places and to pay with your smartphone in many others, now you can use it to withdraw money from an ATM, too.
The process of upgrading ATMs to allow for cash withdrawal via smartphone has already started in India; as of the beginning of March, 1500 ATMs across the country have already gained the capability. It is just a matter of time before the option becomes available in other parts of the world.
Unified Payments Interface (UPI) is a real-time payment system that can be used to instantly move money from one bank account to another using a mobile app. Now users can link their bank account to one of these UPI apps to withdraw funds at an ATM, simply by scanning a QR code.
In order to withdraw cash, the user will open a UPI app on their phone: Google Pay, Apple Pay, Samsung Pay, etc. Next, they’ll scan the QR code on the ATM screen and enter the amount of cash to withdraw. They’ll be required to enter a pre-established pin, and voila! The ATM will distribute the cash they requested.
The ability to withdraw money from an ATM with a smartphone will dovetail nicely with new increased security features just now coming on the market: using facial recognition software to authorize payments. This ability is already available to Apple users on their iPhones, but facial recognition is gaining ground across all smartphone makers, and will be especially helpful once making ATM withdrawals with a smartphone are a possibility.
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