Traditionally, the ATM has been using a magnetic stripe card for identification of the accountholder and the PIN for authorisation. To use the contactless ATM, the customer has to use the bank’s smartphone app to scan a QR code on the screen and enter the amount and ATM PIN in his mobile, and collect the cash without touching the machine.
Larger banks within the country, such as ICICI Bank and the State Bank of India, have also been researching new applications for customer safety in light of the coronavirus, but the applications have either required users to touch the keypad or only worked exclusively for a specific bank's app.
According to AGS Transact's CTO, Mahesh Patel, the contactless ATM's QR code is safer to use than a debit card because it eliminates the risk of being skimmed. The process to make a withdrawal is also faster, taking approximately 25 seconds from start to finish, according to the report.
"Our new touchless ATM solution is an extension of the flagship QR Cash solution, which ensures safety of the users and will provide a seamless cash withdrawal experience with the enhanced security," Ravi Goyal, AGS Transact chairman, said in the article. "With minimum investment, banks can enable this solution for their ATM networks by upgrading their existing software."
AGS Transact manages 70,000 ATMs for banks in India.
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