STRATEGIC PARTNERS
January 8, 2014
Maybank has introduced Malaysia's first P2P payments service that lets money transfer recipients withdraw cash from an ATM without the need for an ATM card. The service can also be used by accountholders who need cash but aren't carrying their ATM cards.
According to a press release, Maybank cardless withdrawal lets customers with an online banking account send money directly to any person in Malaysia using a Malaysian-registered mobile phone number. The recipient can withdraw cash instantly at any Maybank ATM without an ATM card.
The cardless withdrawal function is initiated through the bank's website. The remitter enters the transaction information, including a mobile phone number for the recipient, who then receives a Maybank transaction ID via SMS.
The sender receives a second transaction ID via SMS. This ID is forwarded to the recipient, who must have both IDs to make an ATM withdrawal. The transaction can be performed without a card; the recipient simply uses a touchscreen or keypad to navigate the withdrawal process.
"Maybank Cardless Withdrawal is among the fastest, most convenient and affordable ways to send cash to family members and friends," said Maybank CEO Datuk Lim. "It can also be used by the cardholder in emergency situations when you may not have your ATM card but needs cash urgently. This is very much in line with our mission to humanise financial services, which aims to make our services easily accessible to the public."
A charge of 1 ringgit (31 cents) is applicable to the sender for each Cardless Withdrawal initiated. To encourage customer uptake, the bank has waived the fee through Feb. 28.
Read more about ATM innovation.
