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South Africa's FSB Lets Customers Withdraw Cash Using Their Phones

By: Michael Hines - Published: Apr 10, 2011 • References: fnb.co.za and springwise
South Africa's First National Bank is introducing the world's first cardless ATM withdrawals. The bank's new system lets customers withdraw funds simply by using their mobile phones.

Customers need only to log onto FSB's online banking service on their phones to request cash. Users then select their account and amount they wish to withdraw. Users are then given a temporary one-time-use PIN that can be redeemed at any ATM within 30 minutes. This service could save people time by freeing up where and when they can withdraw their cash. Seeing as how smartphones are becoming more and more popular, I wouldn't be surprised to see more banks adopt cardless ATM withdrawals.