Maybank launches cardless ATM withdrawal service

KUALA LUMPUR (Jan 7, 2014): Maybank has launched Malaysia's first cardless withdrawal service via automated teller machines (ATMs).
The service allows Maybank customers with an online banking account to "send" money directly to any person in Malaysia using a Malaysian registered mobile phone number. The recipient can then withdraw the cash instantly at any Maybank ATM without the need to use an ATM card.
A minimal charge of RM1 is applicable to the sender for each cardless withdrawal initiated. This charge is waived from now until Feb 28, 2014.
Under this new service, a Maybank customer who needs to send cash to anyone can initiate the cardless withdrawal function through Maybank2u.
Maybank Singapore group head of community financial services and CEO Datuk Lim Hong Tat said the cardless withdrawal service comes with sufficient security measures in place to protect both the recipient and the sender.
Maybank expects some 20,000 cardless transactions to be undertaken each month in the first year.
Dual authentication is required as the recipient will have to key in two IDs to be able to withdraw the cash. The IDs are valid for only 24 hours and withdrawals are allowed in fixed amounts of RM100, RM200 or RM300. A maximum limit of RM300 per day per user is applicable for cardless withdrawals.
"Each month over 45 million transactions are conducted through more than 2,800 Maybank ATMs. At the same time, some over 100 million transactions are conducted through Maybank2u monthly," said Lim. "The number of transactions through both these channels gives an idea of how many people stand to benefit from this new service. We are also planning to extend the service to other markets with Maybank ATMs starting with Singapore, subject to regulatory approvals," he added.
Lim said that the launch of this service was timely given the increasing number of smart phone and online banking users in the country.
"Maybank cardless withdrawal is among the fastest, most convenient and affordable ways to send cash to family members and friends. It can also be used by the cardholder in emergency situations when you may not have your ATM card but needs cash urgently. This is in line with our mission to humanise financial services."