WASHINGTON, DC–NCR has officially launched a pilot of a new product that allows for mobile cash withdrawal at an ATM via QR code.
NCR told Bank Innovation this week that the new product was still in the “concept” phase. The company said it is seeking “controlled introduction partners” through the fourth quarter, with a plan to shift it from “concept” to product in the first quarter of 2013.
Here’s how the product works: a retail customer goes to a designated, bank-branded app to indicate that she wants to take out cash from an ATM. The app authenticates the consumer. When the customer gets to any ATM in the system, she scans the onscreen QR code with her mobile device. The QR code relays the customer’s location to the server, and the server matches the customer’s request with the ATM location and dispenses the requested cash.
NCR says that bankers like that the technology offers consumers greater speed at the ATM; increases use of a bank’s mobile application; and doesn’t require that the consumer hold an ATM card. We think that over the long term the fact that the application increases consumers’ use of bank mobile applications might become the new product’s greatest appeal.
The app, which leverages NCR’s Aptra ATM OS, does not require a hardware upgrade; the addition of the QR code-based service is done remotely.
NCR helps process 30 million transactions per day and employs 23,000. The company generated $5.3 billion of revenue last year.