NCR Corporation has created a new software that will allow consumers to withdraw cash from their banking accounts in less than 10 seconds.
The company said that the user has to initiate the transaction on a mobile, which generates a 2D barcode. Using this barcode, the user can complete the transaction at an ATM.
This method does not require either a secret PIN code or even an ATM card and banks will not need to add any additional hardware to their ATMs to make the system work, the company said in a release.
Mr Jaivinder Gill, Managing Director, NCR Corporation India, said: “We live in a mobile world where the modern consumer expects to handle transactions using a variety of mediums. NCR Mobile Cash Withdrawal will help financial institutions meet their customers’ expectations in the mobile channel.’’