App enables cardless cash withdrawals

2015-03-17 12:18
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Johannesburg - Forgot your ATM card at home? There’s now an app for that, at least for one South African bank’s customers.

First National Bank (FNB) announced on Tuesday that a cardless cash withdrawal feature is enabled on the latest version of its mobile banking application.

Customers can use the app - which can be downloaded from Apple, Android, Windows and BlackBerry stores - to withdraw money without using bank cards.

To activate the feature, FNB customers can launch the app, then select the ‘Cardless Cash Withdrawals’ option and enter their online banking passwords.

The app then generates a temporary ATM PIN that enables withdrawals at any of the bank’s automated teller machines.

“Irrespective of the reason for not having a card with you, your mobile devices are unlikely to be more than an arm’s length away,” said Giuseppe Virgillito, Head of the Banking App unit at FNB Digital Banking.

Cardless withdrawal is an already-existing feature on FNB’s cellphone banking system.

The bank says that R2bn has been withdrawn through cardless cash withdrawals on cellphone banking.


Cardless cash withdrawal is now a feature on FNB's mobile banking app. (FNB)

Greater app usage

Meanwhile, FNB is claiming greater usage activity among customers of its banking app.

The FNB app only reaches 1.2 million active devices in South Africa, a fraction of its over 7 million customers.

“Our latest results show a 67% increase in app transaction volumes,” said Virgillito.

“This comes as a result of increased usage across the spectrum of app features as well as more customers that are migrating to the app for their digital banking needs,” added Virgillito.

FNB’s focus on its app comes amid growing smartphone adoption in South Africa.

For example, Vodacom - which is South Africa’s biggest mobile network with around 30 million subscribers - last year said that the number of active smartphones and tablets on its network increased 21.1% to 8 million.

Read more about: fnb  |  app  |  banking

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