As part of its ‘Cardless Cash’ initiative, Australia’s Commonwealth Bank has launched the ‘CommBank app’, an app that allows its customers to withdraw cash from its ATMs without a card.
To use the service, customers must log in to the app and specify the amount they want to withdraw, and the account they are withdrawing from. They will receive an 8-digit code displayed on the app and a 4-digit code via a text message sent to their phone.
At the ATM, they can select the ‘Withdraw Cardless Cash’ option and enter the codes to withdraw their money. They can also nominate a representative to collect the money on their behalf through the app.
‘Cardless Cash’ withdrawals are limited to a maximum amount of AUD$200 daily and one transaction per day.
In addition to the app, CommBank has introduced a ‘Lock and Limit’ feature that lets customers lock specific transaction types, set limits for transactions and unlock them whenever needed.
It has also unveiled the ‘CommBank Small Business’ app that caters to customers who run small businesses; the app will help with payments and cash flow management.
The ‘CommBank app’ and ‘Limit and Lock’ feature will be available for iOS and Android devices in May 2014, while the ‘CommBank Small Business’ app will be launched in June 2014.