Jetco Rolls Out Cross-Bank Cardless Withdrawal Service in Hong Kongby Fintech News Hong Kong June 3, 2020
Joint Electronic Teller Services Limited (JETCO) today announced the rollout of Hong Kong’s first cross-bank cardless withdrawal service. Customers of participating JETCO member banks can take out cash instantly from any JETCO automatic teller machine (ATM) that supports this service by scanning the QR code on the ATM screen with their mobile banking apps.
At this stage, the service can be supported by the ATMs of eleven JETCO member banks. Customers can conduct cardless withdrawals from the ATMs of these banks that carry a “Cardless Withdrawal” identifier.
In addition, three banks, including The Bank of East Asia, Limited, Industrial and Commercial Bank of China (Asia) Limited and Standard Chartered Bank (Hong Kong) Limited, have already incorporated the cardless withdrawal feature in their mobile banking apps. Bank of Communications (Hong Kong) Limited, Citibank (Hong Kong) Limited and WeLab Bank Limited will also be offering this feature shortly. More member banks will follow in the coming months.
Customers will no longer need to bring their cards when they go to get cash from the ATM: all they need to do is pre-set withdrawal instructions on their mobile banking apps which require authentication. They can select the “Cardless Withdrawal” function on the ATM screen, scan the QR code with their mobile app and get cash instantly. The whole process is easy, fast and secure.
JETCO Chief Executive Officer Angus Choi said:
“Cross-bank cardless withdrawal is a major step towards achieving open banking and a smarter society. There are also environmental benefits as a result of the reduced demand for plastic cards over time. Hong Kong consumers are generally technology and mobile savvy. JETCO and our member banks are determined to bring new banking experiences to market so customers can access their money the way they want to. The new service is particularly timely as it helps support social distancing, shortens time spent in queues and enables ‘no-touch’ withdrawals from ATMs.”
All JETCO ATMs that support this service will feature a JETCO Cardless Withdrawal identifier (attached). At this stage, the service is limited to Hong Kong dollar withdrawals and is subject to daily withdrawal limits set by individual banks. JETCO plans to gradually integrate the cross-bank cardless withdrawal feature in the ATMs of all member banks by the end of 2020.
Featured image: JETCO Chief Executive Officer Angus Choi