Digital Banking

Kotak Mahindra Bank launches cardless cash withdrawal

August 24, 2020

Kotak Mahindra Bank of India is launching cardless cash withdrawal through its ATMs.

In addition to withdrawing cash, bank customers can transfer funds to family or friends in other countries through an instant money transfer facility, according to a Livemint.com report. Only the sender, and not the receiver, has to be a Kotak Mahindra Bank account holder

To conduct a cardless cash withdrawal through the ATM, according to the report, the user logs on to the bank's website or mobile banking app, enters their name and details for the self-withdrawal and then registers the receiver's name, mobile number and address in a one-time processing step. Once the receiver is registered, the money transfer is initiated through the website or app by entering the amount to be sent and the sender's code. Once the process is completed, the receiver can withdraw the cash from any Kotack Mahindra Bank ATM in India, by selecting the option of cardless cash withdrawal or instant money transfer.

"The cardless cash withdrawal facility is simple, secure and convenient to use and frees customers from having to carry their debit cards with them all the time," Puneet Kapoor, president, products, alternate channels and customer experience delivery for Kotak Mahindra Bank, told the news outlet. "Further, in a country as diverse as India, cash continues to play an important role and this facility will enable our customers to seamlessly remit cash to their friends, family and other beneficiaries."