India’s ICICI Bank has launched a new ATM facility enabling customers to withdraw cash without the need for their card.
The new service allows customers to withdraw cash from over 15,000 ATMs through the bank’s banking app iMobile. The daily transaction limit as well as per transaction limit is set at Rs 20,000 ($281).
Anup Bagchi, Executive Director, ICICI Bank, said: “ICICI Bank has been at the forefront of digital innovations since its inception. The offering of ‘Cardless Cash Withdrawal’ from iMobile enables our customers to withdraw cash securely and conveniently for everyday usage and purchases, all from the convenience of their mobile phone.
“We believe that this proposition of cash withdrawal from an ICICI Bank ATM without using a debit card offers a speedy and unique experience to our customers. We at ICICI Bank will continue to focus on innovations in technology at all channels and touch-points that will bring more convenience to the customers.”
ICICI Bank has outlined a number of advantages of using the facility:
- Convenience of usage : No requirement to carry and use debit card or ATM PIN to withdraw cash for daily usage
- Wide accessibility : Available across all over 15,000 ICICI Bank ATMs
- Convenient daily limit : Customers can withdraw Rs 20,000 on a daily basis
- Safe and secure : Safe and secure mode of cash withdrawal using iMobile
To access the service, customers must use the iMobile app to enter the amount, create a 4-digit temporary PIN and submit. After this, customers will receive and One Time Password (OTP), which they can use to withdraw cash.
In addition, the cash withdrawal request and OTP are valid until the next day at midnight.
Earlier this month, the Indian lender launched an API banking portal with nearly 250 virtual application programming interfaces (APIs).
The move provides the bank’s partner companies with access to APIs across various categories and create new customer solutions.