FNB launches ATM cash withdrawal using a cellphone

This sounds like a good method to bypass the skimming devices at ATMs...

I just wonder how many people will only do the cellphone part, when they are in front of the ATM, thus holding up everyone else in the queue.
 
This sounds like a good method to bypass the skimming devices at ATMs...

I just wonder how many people will only do the cellphone part, when they are in front of the ATM, thus holding up everyone else in the queue.

Well, lets hope they sort this out before they get to the front of the queue.
 
Awesome idea. How long before FNB has an Android app? The day they release a dedicated banking app for Android, I'll switch to them.
 
Good security enhancement. Hopefully people will use their cellphones to authorise the withdrawal before they get to the ATM to avoid holding people up.
 
Great innovation from FNB! I often forget my wallet in the car/office/house but I'm never without my cellphone :)
 
While i do welcome this much needed innovation, where will the cost be increased due to this :/, nothing comes for free "sigh"

I will be giving this a go though :)
 
While i do welcome this much needed innovation, where will the cost be increased due to this :/, nothing comes for free "sigh"

I will be giving this a go though :)

Cellphone banking is free :)

I'm hoping this is extended to payments as well. The idea of not needing a card is very appealing to me!
 
This is cool, untill you get one of those days where it takes hours just to get your OTP... :(
 
this sounds kinda cool, but will it be practical... I can imagine the queues at ATMs already!
 
this sounds kinda cool, but will it be practical... I can imagine the queues at ATMs already!

Surely if you know how the service works you'll probably acquire your pin whilst walking to the ATM... i don't foresee huge queues developing purely based on this new innovation...
 
this is great for sending money to someone! time to make the switch to fnb :)
 
Great innovative and secure service! at least now one can use the temporal PIN knowing that no one can use it again!

Way to go FNB!
 
FNB keeps getting better everyday...Goodby e-wallet..Now I can bypass the e-wallet service fees ( R9),just send the other person the OTP..Cool stuff..and send more than R1000 as thats the limit for e-wallet.:-D
 
this sounds kinda cool, but will it be practical... I can imagine the queues at ATMs already!

Why focus on the waste case scenario, People don't generally wait to get to the front of queue to start looking for their Card from their bags or wallets at the moment. don't you think they will like wise sort out their SMS before hand if they use this service????
 
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The primary benefit for the consumer seems to be not to have your bank card when doing a withdrawal, at the cost of a more involved user experience. While I applaud FNB's efforts to give their users more options, the overhead of using this method does make it seem rather unlikely that it will become the primary way of withdrawing funds.

Additionally, since only FNB ATM's will support this, it seems very unlikely that anyone will start leaving their card at home, due to the hassle of finding your bank's ATM at any specific place when you need cash.

On the other hand, the other use case mentioned here of sending funds to someone by simply giving them the OTP has alot more legs. Although, again the requirement of an FNB ATM coupled with the short lifetime of the token makes it unlikely that this will become preferred above just handing cash over (except in cases where that is not physically possible, of course).

Finally, this does lower security - as stated by Bruce Schneier security systems can depend on a blend of 3 properties: (a) something you know (eg: your PIN) (b) something you have (your bank card) and (c) something you are (biometric systems like fingerprint of retinal scan)

Typically, adding another option enhances the security of a system. So as this solution just eliminated (b) one can say that the security of the system has been lowered.
 
great news
now if the rest of the banks can do this then my wallet can get empty
 
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