Friday, June 15, 2012: First it was the need to carry a camera everywhere, followed by so many other functionalities like online chat, e-mail, important files, smartphones are fast replacing the need for many gadgets/utilities in our life. Well, the latest is that it could make your wallet light. NCR Corporation, a leader in near field communication technology, has released a new application that will enable you to initiate cash withdrawals from your bank accounts using mobile devices followed by completion of the transactions at an ATM by scanning a 2D barcode.
The new app is named as the NCR Mobile Cash Withdrawal, that promises to make your ATM transactions faster and more secure, by banishing the need for cards and PINs from the process at the ATM. This entire transaction can take less than 10 seconds.

The company revealed that the consumers will have to authenticate through their existing mobile banking application and pre-stage the transaction via an embedded NCR Mobile Cash Withdrawal function. Consumers can use any iOS or Android smart phone at any location and at any time - whether at work, on the metro or while in line at the ATM - and then choose the amount of their transaction.

"Mobile Cash Withdrawal is a very secure approach to traditional card-based ATM transactions. No consumer data is stored on the device or contained within the on-screen 2D barcode. Rather, scanning the barcode only identifies the location of the ATM and prompts fulfillment of the transaction. In turn, using a mobile device eliminates the threat of ATM skimming devices used by criminals," NCR said in a statement.