17,000 new credit cards issued by ICICI linked to wrong users

Big and popular lenders are offering this facility and ATM’s have been technologically upgraded to dispense cash without a card.

Now a days very few of us visit the branch of a bank to withdraw money and go to an ATM for the purpose. But we need debit or credit card to withdraw money from an ATM. What if you are able to withdraw cash without any card? It does sound a bit weird but it is a reality with modern technology. Big and popular lenders are offering this facility and ATM’s have been technologically upgraded to dispense cash without a card. An OTP suffices. SBI, HDFC, ICICI, Axis Bank and a few others are already offering this facility. The procedure is simple but secure. Besides, it serves the purpose of contactless transaction.

How does it work

All banks follow a specific pattern. The customer has to download the mobile app of the bank. There is an option called ‘Card less cash withdrawal’ (YONO cash for SBI customers).

The person has to generate an OTP and key in the OTP in the ATM to complete the transaction. A large number of ATMs are enabled with the card less transaction technology. NCR Corporation, which makes automated teller machines (ATMs), has already installed almost 70% cardless cash withdrawal ATMs in the country across all banks.

When a person wants to make a transaction without any debit or credit card, he/she has to generate an OTP through the respective bank’s mobile app. Then the person should click the option ‘cardless cash withdrawal’ and put the OTP followed by the amount he/she would like to dispense.

The transaction can be completed within a minute. But like general ATM transactions, card less transactions also have a limit and you cannot withdrawal beyond that limit.

Banks with this facility

All big and popular public and private lenders already offer this service. State Bank of India, Bank of Baroda, Punjab National Bank have it.

All prominent private lenders like HDFC, ICICI, Axis, Kotak Mahindra Bank, IndusInd Bank, RBL Bank, Citi Union Bank and some others have launched it too.

A few small finance banks have also introduced this service for the sake of the common people.

Security feature

This is an OTP-based transaction and the security feature is high. There is negligible chance of being preyed upon by a fraudster. The customer’s mobile phone number should be registered with the bank.

The OTP can only be generated through the mobile app and it will be delivered at the registered mobile number. This two-step authentication makes the process quite secure.

Moreover, since no card in involved in the transaction, there is no chance of skimmers in the ATM copying all the data stored in the cards.