UOB, contactless ATM machines

In Software
digital banking world, December 2018, NFC, digital cards, contactless payments space, ATM Machines

By December 2018, all UOB ATM machines will be contactless. UOB aims to trust and relationships with customers in a digital banking world. Recently, UOB announced their development in its tokenization technology for contactless ATMs and instant issuance of digital cards.

The analyst at MayBank, Ng Li Hiang, said this would help UOB gain the first move advantage in the mobile contactless payments space.

Convenience for Customers

Next month, UOB will be the first to globally issue digital cards. Also, in Southeast Asia it will be the first bank to have contactless ATM machines with NFC capabilities—whereby customers can use their smartphones to withdraw cash.

The contactless ATMs will first be set up in Singapore. By December 2018, UOB expects all its ATMs to be contactless.

60 ATM machines will be in operation by January next year

To get cash out at the ATMs, customers will hold their phones to the contactless reader and verify their identities with their thumbprints.  Approximately 60 machines will be in operation by January next year and all ATMs will be replaced with the new Near Filed Communication.

 

Image Credit: sgcn

 

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