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Banks are continually looking to innovate and provide the best customer experience to their customers. In the process, they have come to a stage where you don’t require a debit or a credit card to withdraw money. The cardless cash technology allows you to do this. In this article, we shall have a detailed understanding of this.
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With the Covid-19 pandemic induced crisis, people are increasingly concerned about their health, but daily businesses of life cannot be put on hold indefinitely. Therefore people step out of their houses to buy essential items that require cash and ATM being a public place; you won’t want to touch a machine that is used by many.
Banks have made many of its services convenient to people, and now withdrawing money has been made convenient, and people can withdraw money without the use of credit or debit cards. A number of banks offer this service. SBI’s yono app allows customers to withdraw money without a debit card. Banks such as ICICI and Axis bank provide this facility to make cash withdrawal without the use of cards.
With a view to making banking experience smooth and hassle-free, the Kotak Mahindra Bank[1] launched this withdrawal facility without the use of cash through ATMs. Apart from withdrawing cash, customers also can send money to others across the country through this unique instant money transfer facility, and the receiver of the money does not need to have a Kotak Mahindra Bank account to withdraw money sent through this facility.
As per Puneet Kapoor ( President- Products, Alternate Channels, Customer Experience Delivery, Kotak Mahindra Bank), this cash withdrawal facility without the use of cash is simple, secure, and convenient to use and relieves customers from carrying debit cards wherever they go. He further said that in a country as diverse as India, cash is still important and plays a crucial role, and the facility will enable the customers of the Kotak bank to seamlessly remit cash to their friends, families, and others.
To give you an understanding of how this facility works, we bring you the step by step process.
In this instance, we have taken the example of Kotak Mahindra Bank.
There are advantages for both customers initiating this service and for the beneficiary receiving the funds through this facility.
These advantages are mentioned below:
Read our article:Reasons for implementing the Digital Banking
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