Are contactless ATM transactions a solution during the Covid-19 pandemic?

QR-code system will eliminate skimming of ATM Cards too, says AGS

With surface contamination emerging to be a legitimate fear in Covid-19 times, customers are looking for ways to reduce contact in ATMs.

AGS Transact Technologies, a digital payment solution and automation company, has come up with a contactless cash withdrawal system. “Experience an end-to-end contactless cash withdrawal process with AGS QR Cash. It is Touchless, card-less, Safer and more Secure. Click here to view the demo,” the company tweeted on July 2 and linked a Youtube video that explained the process.

To make a contactless cash withdrawal, customers have to scan the QR code available on the ATM screen and enter a pin on their phone. This will reduce unnecessary contact with the ATM screen and keypad.

“In the wake of the global pandemic, we have been working towards providing customers with a more streamlined and simplified user experience. 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 enhanced security. With minimum investment, the banks can enable this solution for their ATM networks by upgrading the existing software,” Chairman and Managing Director of AGS Transact Ravi B Goyal told Times of India.

The company is already in the process of implementing contactless solutions for two banks. It is also in discussions with four more, the website reported.

QR code-based withdrawal is safer than using a card as it eliminates the risk of skimming. It is also faster as the maximum time taken during tests has been 25 seconds, the Chief Technology Officer Mahesh Patel told the publication.

Banks like State Bank of India and ICICI bank had already developed cardless withdrawal applications before Covid-19, however, the applications still required touching the ATM which AGS’s QR-code system completely eliminates.