Change is the only way to beat the competition. And the change is always welcome when it is taking the current technological convenience to the next level.
We can say this is the thumb rule in any sector. It can also be seen in the Indian banking sector. Now we have got a new addition to the ATM ecosystem of India.
And that is called the QR Cash Withdrawal.
There was a time in India when ATM machines were only used for cash withdrawals. At the same time, it was also noticed at the initial stage all the cards were not accepted by all the machines.
What I mean to say is if you hold an account with the State Bank of India. Then you can use your ATM card with the SBI machines only.
But then again a wave of change came and now we can use any bank’s card in any machine of any bank in India. It is a different thing that our Indian cards are now accepted internationally as well. (Even RuPay Cards)
And now, how about withdrawing cash from the ATM machine without using the debit card?
Sounds great right?
Yes, it does sounds great.
Is this happening now? No, we have cardless cash withdrawal in almost every bank’s ATM machine for a long time now. But QR Cash Withdrawal is a different thing.
Who has Introduced the QR Cash Withdrawal?
State Bank of India which is the largest bank in our nation has introduced this system. The bank in partnership with NCR rolled out this feature in the ATM machines operated by the bank.
This system is a level-up done by SBI after YONO Cash. With the help, of the YONO Cash, the customers already have an option to withdraw money without using the card.
But if you want to use the YONO cash feature. Then you will require a Transaction ID, a PIN 6 digits PIN set by you in the YONO app.
Everything works fine. But there are multiple things that you have to enter into the machine. To make this process more convenient the bank has introduced this system.
Then how QR Cash Withdrawal will Work?
As soon as you enter the ATM lobby of the bank and have a look at the machine. You will notice a dedicated on-screen button that says “QR Cash”.
This option is added above the YONO Cash button in the interface. Maybe this is done because the bank wants more and more of its customers to know about it.
Let us learn the process to use this feature.
Step 1: Select QR Cash from the ATM Screen
Go to any ATM machine lobby that is maintained by the State Bank of India and tap on the QR Cash option. This option is placed above the YONO cash option of the home screen of the machine.
Step 2: Select the Amount
Currently, there is no option to enter the amount manually. You will have to select Rs. 2,000 or Rs. 4,000. But in future updates, the bank may add the option to enter the amount of our choice.
As soon as you select the amount the system will generate and display the QR code on the screen of the machine. This is the QR that you have to scan.
Step 3: Open YONO Lite App and Tap on QR Cash Withdrawal
Currently, to use this feature you will require the YONO Lite SBI app installed on your phone. If you are using the SBI YONO app then you can not use the feature.
So make sure that you have the YONO Lite app installed on your smartphone. Open the app and login into your account.
And choose the QR Cash Withdrawal option in the app.
Step 4: Scan the QR Code and Collect the Cash from the Machine!
As soon as you choose the QR Cash Withdrawal option you will see the back camera view on the screen. Now you will have to scan the QR code that is displayed on the ATM screen.
The machine will process your request and the cash will be dispensed out of the machine. It is as simple as that.
Just choose the amount, open the app, scan the QR code, and you are done. The cash will be out of the machine.
Is QR Cash Withdrawal Safe?
After looking at the simple process we might get this thought about the safety of the transaction. But there is no need to worry about safety. The transactions are completely safe.
The major reason that normally makes people think twice is. The machine or the app will not ask you to enter any PIN while scanning the QR code.
But if we are using the YONO Cash feature. There are two conditions. The first one is we have to enter the same cash amount which we had entered in the YONO app.
And the second condition is we should have the Transaction ID and the PIN number set by us. These things make us feel safe.
But here we need to understand that the bank wants to reduce this. I mean the time customers are spending in entering multiple details into the machine.
Then how is the transaction safe without the PIN?
It is very simple but is very effective when it comes to security. First of all, when you open the YONO Lite app. The first thing the app will ask you to enter is your MPIN.
So this is where the PIN or password is involved and the other thing is you will have the app installed on your personal smartphone. And I don’t think any stranger will get access to your smartphone.
Almost every one of us has a biometric or PIN lock enabled on our smartphones. Even if our smartphone’s password gets compromised somehow. The user still has to enter the MPIN in the YONO Lite app.
How Can this Change the Game?
When there is any good thing that is introduced by any bank in the industry the other banks do adopt this. So we can expect more and more banks to introduce this type of withdrawal in their machines as well.
We can not say anything, there may be a time coming in the future when the banks may stop issuing the physical debit card by default.
The thing which is one of the most basic, which customers get from the bank may turn an only on-demand thing. If you need it, then apply for it.
That is because we are now doing a lot of things without the physical card. Soon the banks may allow the customers to use options like getting a mini statement, cheque book request, etc. without a physical card too.
How to Link Mobile Number for OTP?
Conclusion
This is how the idea of QR Cash Withdrawal, can change the way we withdraw money and also the way we interact with the ATM Machine. Whenever our Indian banks do such innovation where the security of our bank account is no compromised, we Indians are ready to welcome it with open arms.
So, this is all about How QR Cash Withdrawal Can Change the Way We Withdraw Money?