Korean banks let consumers make ATM cash withdrawals and deposits with their smartphones using QR codes

SCAN: Availability is being expanded from NFC on Android phones to QR Codes on all smartphones

Consumers in Korea can now make cash withdrawals and deposits at ATMs by scanning a QR code with their Apple or Android smartphone rather than needing to use a physical bank card.

The service launched by the Bank of Korea is being made available by 17 banks including Shinhan Bank, KB Kookmin Bank, Hana Bank, Woori Bank and NH Nonghyup Bank, enabling users to deposit or withdraw cash at their ATMs from a bank account linked to a virtual card stored in the country’s mobile cash card app.

“The existing mobile cash card service was limited to Android phones at ATMs with near field communication (NFC) recognition. But this new QR code service allows all banking customers to use ATM deposit and withdrawal services regardless of their smartphone operating system,” according to a report by Korean news outlet Pulse.

“Customers who want to use this service will need to download the mobile cash card app in advance and link it to their bank account. The mobile cash card service allows users to have a virtual cash card on their smartphones without the need to carry a physical card.”

The Bank of Korea also “plans to expand the service to mobile banking apps, payment platform apps, microfinancing institutions and ATM operators”, the report adds.

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