CBA reports big uptake of cardless cash

Over 15,000 smartphone transactions recorded since May launch.
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01.Cardless cash coming to Commonwealth Bank and Westpac ATMs

Cardless cash is coming. Customers from Commonwealth and Westpac will be able to withdraw money through their smartphones

Customers are making use of the Commonwealth Bank's (CBA) new Cardless Cash technology with over 15,000 transactions, totalling around $1m, being recorded since it launched in May. 

CBA's Cardless Cash technology, which allows customers to withdraw cash from an ATM using a smartphone, is a new feature on the bank's smartphone app.

And Westpac's own Cardless Cash system has also begun rolling out as of the beginning of June, to assist customers in a pinch who don't have their banking cards on hand, though the app component is not expected to be available until September. 

CBA's Cardless Cash was launched at the beginning of May and allows customers to withdraw up to $200 a day through their smartphone. Customers can also arrange for someone else to withdraw the cash in an emergency. 

Using the CBA smartphone app, customers select the amount they wish to withdraw. They then receive two PINs – one via the app and the other via SMS (which they can send to a loved one if need be). These two PINs will then enable someone to withdraw the cash at ATMs. The PINs expire within 30 minutes.

Westpac's Cardless Cash system, known as Westpac Emergency Cash can be used by contacting the call centre to obtain a six-digit cash code. This code, valid for around three hours after the call, can be used to make up to three withdrawals up to $1000 a day, with a $2000-a-week limit. The same limits will apply to customers using the app to withdraw cash when it comes out later this year.

 * On 3 Jun our story said 2.5 million customers had used Cardless Cash. This is actually the number of people who use the CBA's smartphone app.  



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