Macau-based Banco Nacional Ultramarino (BNU) announced in a statement on Monday the launch of a QR code-based cash withdrawal service in partnership with UnionPay International, making it the first bank in Macau to offer a cardless cash withdrawal service.
According to the statement, the new service allows all BNU customers to withdraw money from the bank’s ATMs that support UnionPay in Macau, Hong Kong and mainland China, by simply scanning a QR code with their mobile phone without inserting any physical card.
UnionPay is a Shanghai-based financial services corporation that provides bank card services, and the only interbank network connecting all ATMs throughout the mainland.
BNU’s partnership with UnionPay to develop a cardless cash withdrawal service was initially announced in September 2018.
On Monday, the Portuguese bank also released information on its official website introducing the working of its latest digital solution, according to which users need to first verify their identity on the BNU app before going to one of its ATMs to scan the QR code displayed on the screen. They will then be required to enter the prompted password on the app in order to complete the transaction.
According to information on UnionPay official website, QR-based cash withdrawal technology offers multiple advantages over the traditional card-based method, including a more sophisticated authentication system lowering the risk of being defrauded, and fewer contacts with ATMs and the germs on them. However, by replacing all bank cards’ functions with phones, this technology may entice criminals to target and hack users’ mobile phones. In light of that, the website noted that it is important to keep the phone as well as personal data and information secure.
This poster provided by Banco Nacional Ultramarino (BNU) on Monday introduces its latest card-free cash withdrawal service.
