As technology advances, traditional banking methods are evolving to make our lives more convenient. One of the newest trends in banking is cardless withdrawal. This method allows users to withdraw cash from an ATM without using an ATM card. In this article, we will discuss the requirements of cardless withdrawal and how to withdraw money cardless in Malaysia.
What is Cardless Withdrawal?
Cardless withdrawal is a new feature in the banking industry that allows users to withdraw cash without using an ATM card. Instead, users can use their mobile phone to initiate the withdrawal process. Cardless withdrawal is a convenient way to access your funds without having to carry an ATM card.
Requirements of Cardless Withdrawal
To use cardless withdrawal, you must have a few things in place. Firstly, you must have an account with a bank that offers cardless withdrawal services. Most major banks in Malaysia offer this feature, including Maybank, CIMB, Public Bank, and Hong Leong Bank.
Next, you need to have a mobile phone with internet access. You will use your phone to initiate the withdrawal process by logging in to your bank’s mobile app. Once you have logged in, you can select the cardless withdrawal option and enter the amount you wish to withdraw.
The app will generate a unique code that you will use to complete the transaction at the ATM. The code is typically valid for a limited time period, usually around 24 hours. It is essential to note that the code is only valid for one-time use, and you cannot use it for multiple withdrawals.
How Does Cardless Withdrawal Work in Malaysia?
The process of using cardless withdrawal in Malaysia is straightforward. Firstly, you will need to log in to your bank’s mobile app and select the cardless withdrawal option. You will then need to enter the amount you wish to withdraw and verify the transaction details.
The app will then generate a unique code that you will use to complete the transaction at the ATM. At the ATM, select the cardless withdrawal option and enter the code. You will also need to enter your mobile number to verify the transaction.
Once you have verified the transaction, the ATM will dispense the cash, and you are done. It is essential to note that you need to complete the transaction within the validity period of the code, or else the transaction will expire.
Benefits of Cardless Withdrawal
There are several benefits to using cardless withdrawal in Malaysia. Firstly, it is more convenient than carrying an ATM card. You no longer have to worry about losing your card or having it stolen. Additionally, cardless withdrawal is more secure than traditional ATM transactions as it requires a unique code generated by the bank’s mobile app.
Cardless withdrawal is also more accessible as it does not require you to carry an ATM card, which may not be feasible for individuals with mobility issues. Additionally, it allows you to withdraw cash from the ATM without having to queue up for the machine, saving you time and hassle.
Conclusion
Cardless withdrawal is a new feature in the banking industry that is gaining popularity in Malaysia. It is a convenient and secure way to withdraw cash without using an ATM card. To use this feature, you need to have a mobile phone with internet access, an account with a bank that offers cardless withdrawal services, and the bank’s mobile app. By understanding the requirements and how it works, you can enjoy the benefits of cardless withdrawal in Malaysia.