Mobile devices are becoming central to banking and payments and converging with other channels to offer greater security and convenience. Any options to enhance convenience and accessibility to financial institutions and banking functions are welcome.
Boston, MA (PRWEB)
March 20, 2017
Mercator Advisory Group’s most recent Insight Summary Report, ATM and Self-Service Banking: Key to Engagement, from the bi-annual CustomerMonitor Survey Series, reveals that 30% of U.S. consumers’ would be willing to use a smartphone to scan a QR code or wave a phone at an ATM instead of using an ATM or debit card to withdraw cash. More than 2 in 5 young adults and high-income earners, and more than half of consumers who visit ATMs weekly or more often would be interested in doing so. Given some of the skimming schemes that fraudsters use to copy card credentials at the ATM, “prestaged” cash access using a smartphone to scan a QR code at an ATM can be a more secure way to get cash than by inserting a card. This benefit is far and above simply the convenience of not having to find a debit or ATM card to make a withdrawal. When consumers were asked if they would try using this method or if they have tried it already, they were provided a brief description of the process without mentioning any benefits.
Despite several banks recently launching mobile cash access services, very few consumers indicate they have tried it already. Many large banks have just recently launched the program in selected ATM locations and some are beginning to integrate mobile cash access into mobile wallet applications such as Apple Pay.
As self-service banking technology advances, becoming easier to use and offering greater functionality, consumers begin to…