Forget ATM cards and PINs. All you need is a smart phone App and you can withdraw cash from participating NCR branded ATM machines. It sounds too good to be true, and while technically you also need an account at a real bank that has real money it in order to complete the transaction, NCR states a transaction can take less than 10 seconds to complete. Although this service is not available today, according to a product announcement from NCR, it will be coming this fall.
The design seems really simple. All a user has to do is login to their online banking system, request a cash withdrawal, and then use a 2D bar code to retrieve the cash from a participating ATM. Plus NCR reports that there is no additional ATM hardware required. A simple software upgrade would make many NCR ATMs able to process these transactions. All-in-all the transaction will take less than 10 seconds to complete and is reported to be more secure than traditional card and PIN methods.
Sounds like a really good way to get consumers used to making mobile payments. So why does NCR not have a bank partner ready to deploy this solution? In the press announcement NCR made a direct call for suitable banking partners to be the first to use the new mobile phone ATM solution. With all the focus and venture funds going to every type of mobile commerce start-ups, why does NCR need to make a specific call to interest banks. It seems like they would be lining up at the door.
It could be similar to the payment processing business, where everyone is looking for innovation but no one really wants to be first. Bar codes seem to be a really good approach to mobile payments and mobile commerce in general. We are anxiously awaiting our first-hand demo of the NCR mobile ATM withdrawal. If anyone has seen a video, please post it here.
Source: Transaction Directory June 2012