FNB to release cashless ATM

2 September 2013

First National Bank (FNB) in South Africa is attempting to bring financial services to rural customers using a cashless ATM.

The FNB Slimline machine is set to double up as an online banking portal and features a touch screen with an integrated camera used for authentication and a chip and PIN card reader with a numerical keypad.

It works like a standard ATM only upon entering the amount of money they wish to withdraw, customers will receive a slip that they need to take to a partnering retailer. Once the retailer gives the money, its account is then credited by FNB.

FNB claims by not stocking cash in the ATMs the process is safer and cheaper and will provide access to banking services in remote parts of the country.

Aziz Cassim, head of self service at FNB, said: "We developed this as a unique technology to address access to banking in a way that deepens functionality and brings full digital banking to our remote sites."

By Claire Archer

Become a bobsguide member to access the following

1. Unrestricted access to bobsguide
2. Send a proposal request
3. Insights delivered daily to your inbox
4. Career development