Malaysian bank Maybank has launched its first facility that allows customers to withdraw cash without an automated teller machine (ATM) card.
The cardless withdrawal service via ATMs will enable customers with online bank accounts to transmit money directly to any person in Malaysia using a registered mobile phone number.
The recipient will then be able to withdraw money at any Maybank ATM without a card.
Payments can be initiated through the Maybank2u application. Using the app senders can key in the mobile phone number of the person they wish to send money to, who will then receive a transaction ID (ID-1) via SMS.
At the same time, the sender will receive a different transaction ID (ID-2) from Maybank via SMS, which then needs to be forwarded on to the recipient, who will enters both numbers at the ATM to withdraw the cash.
Datuk Lim Hong Tat, the group head, community financial services and chief executive at Maybank Singapore, said this new service would dramatically change the way Malaysians send money to their friends or relatives.
By Asim Shah