If you are falling short of money while on a shopping binge, you can ask your friend to SMS a system generated personal identification number (PIN). The PIN can be used to withdraw money from his account in an automated teller machine (ATM). NCR, a global selfservice technology major, has developed an interactive technology for cash withdrawals without an ATM card. It is in talks with a leading private sector bank to offer this technology.
“We are also in talks with a couple of other banks to offer our technology. The technology solution will offer services such as stock trading, shopping, mobile money transfer and bill payments through interactive ATMs. However, the system generated PIN can be used only once. Banks are willing to spend on this technology,” said country sales manager of NCR India’s financial solutions division Manjunath Rao.
According to him, the PIN transaction through a mobile phone is secure as it uses encrypted messages. Shopping and stock trading are also possible through interactive ATMs as banks have access to customer’s PAN, address and account balance.
The new technology solution works on Pentium IV computers with XP operating system . It costs about Rs 15 per customer for the banks that have a 15 million plus customer base. Stock trading and mobile money transfer through ATMs are widely in use in Singapore , the US and Europe.
The mobile subscriber base in India has touched 250 million now and is growing at a scorching pace. At present, nearly 23% of banking transactions are through ATMs and banks are attempting to increase this number. Globally too, the trend is towards self-service in banks and retail stores.
Around 50,000 crore ATM transactions were done across the world last year and goods valued at around $300 billion were bought online. “We are also in talks with some retail chains here, to supply self-assisting machines,” Manjunath said.
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