• Withdrawal of cash through ATM without using debit card: CONTEMPORARY DAY ADVANCED SERVICES

      RAPIDLY INCREASING ADVANTAGES OF MOBILE PHONES:

      Everyone is well acquainted with the fact, that mobile phones are a big-time priority now.

      One can connect with anyone, anywhere within a fraction of seconds. Without this equipment, we would feel a little lost or might lose the connection with our near or dear ones.

      These rapidly increasing advantages of mobile phones are making it easier to survive without any chaos; this has become one such device which is now indispensable.

      These are certainly not just limited to be communication devices only.

      Some of the best usages of mobile phones are listed below:

      Mobile phones are now serving the purposes of uber devices. They are very helpful under unfamiliar neighbourhoods, to tell exactly where we are.

      This is helpful to maintain an address book.

      In order to track our lives, it provides a calendar which is needful.

      Digital cameras, audio recorder, phone recorder, multimedia messaging, TV, games centre, documents viewer, computer adjunct (it serves all of these purposes). This device is effective and efficient, in all manners.

      Note: For some people, cell phones have become notepads, which is functional in sending an SMS oneself.

      MOBILE PHONES WILL REPLACE DEBIT CARDS SHORTLY:

      The reason why I listed the multiple benefits of mobile phones is, it will soon overcome the use of debit cards in the market, making all go cashless and helping India become digital in all its true essence.

      *“In accord to the recent sources, Debit Cards will not be requisite in order to withdraw cash through ATMs as well as it is believed that our society will completely become card-less in the near future.“ Soon Banks would make use of a “QR Code” based upon cash withdrawal mechanism.

      *This will eventually be one of the most productive, safe and time-saving functions amongst all others, the most recent process is assumed to be functioning on QR codes, and this can only be done with the help of a banking app installed on your mobile phones.

      THE PROCESS (HOW WILL IT WORK):

      First and foremost, one has to enter the ATM booth whereby you need to unlock your banking app. Secondly, one needs to create a specific QR code for the withdrawal of cash. Lastly, you need to show the QR Code at the teller machine, which will ultimately scan it and your cash will come out.

       

      Whilst generating the QR Code, the banking app will ask you to pick the value of the currency which you need. The automatic teller machine will examine that, and give you the precise denominations you require.

       

      Merely by using the QR Codes, the banking app might as well help to fulfil other needs like demand draft, chequebook etc.

       

      This process might take some time, as these machines are yet to be equipped with this new scanning apparatus. Once this is gone through, then the custom of using debit cards will become old-fashioned, and all that you need is your mobile phone and Internet in order to pull out cash from ATMs.

       

      What is the Use of “QR Codes” in Banking System:-

       

      Ever since the concept of QR codes is introduced, this is all the time more used for a variety of purposes.

      India Post Payments Bank is one of the first and foremost banks who started using QR codes comprehensively.

       

      Readers will be surprised to know that, The Account holders of “India Post Payments Bank” at the present are being benefitted with this new technological development whereby they just need to examine/scan, in order to get the cash, certainly they’re not required to chase down an ATM.

       

      In some other cases, they can visit the post office or can ask the postman to come down to their places. They will carry a portable device with them, which will help to scan the QR code, and the specific sum will be paid by the postman to the customers.

      Another noticeable development is that now the QR Codes can also be scanned using Smartphone: This is one convenient and cheaper process as compared to the price of generating a fresh debit card. This is certainly an easy way to get away from all the pain and chaos of issuing a new debit card as well as to promote digital development. These functionalities as well as innovations involving QR Codes were launched last year by Bharat QR platform and proved to be a success as far.