To use the service, customers need to download the RBS and Natwest mobile bank app. Through the app, users can request a cash withdrawal (which if approved) will produce a 6 digit pin. This pin can then be enetered at an ATM to withdraw the cash.
This serbice has intially been introduced for people who need access to their cash on occasions when they when don’t have their wallets of purses, or they have perhaps been lost or stolen. Moving forward it is thought that many people will begin to use the app on a regular basis, regardless of whether they have accesss to their bank cards or not.
The new scheme is being marketed under the name ‘GetCash’ and is just the latest development in smartphone technology.
As ever with digital banking, security will be the biggest concern for users, but Ben Green from RBS and Natwest moved to calm concerns telling BBC News: “It is a really simple and secure way to help our customers get cash whenever and wherever they need it”.
Intitally the bank has set a limit of ‘cardless withdrawals’ at £100 per day. Surely this will increase if more people take up the service?