This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

No-Card ATM Transactions Gaining Steam

Stock quotes in this article: RBC, NCR

NEW YORK ( MainStreet) -- The need for caring a wallet or pocketbook is growing less and less important as "cardless" ATM withdrawals get some traction.

Royal Bank of Scotland (RBS) and NatWest just introduced a mobile banking application in the U.K. that allows users to access cash at an ATM without a debit card. All a consumer has to do is request the transaction from their phone, input a six-digit transaction number provided by the bank at the ATM and scoop up their cash.

Consumers with smartphones may quickly find it replacing their card when it comes to getting cash.

For now, cash amounts are limited -- presumably to protect against I.D. fraud -- but users can use the cellphone app as many times they want in a day.

"We've heard countless stories from customers who've left their wallet behind, or parents who need a quick way to send money across to their children immediately," explains Ben Green, director of mobile banking at NatWest and RBS.

Back in the U.S., Duluth, Ga.-based NCR (NCR) announced a similar mobile banking program this week that enables a consumer to get cash from an ATM simply by scanning their debit card at the machine. The entire transaction takes 10 seconds and "removes PINS and debit cards" from the process, NCR says of its NCR Mobile Cash Withdrawal.

Consumers may warm up to the technology. The chip embedded in the software application doesn't contain personal financial information; it just identifies the ATM location and details of the transaction. An automatic receipt is generated after the transaction and sent to the user's smartphone.

"We live in a mobile world where the modern consumer expects to handle transactions using a variety of mediums," says Michael O'Laughlin, senior vice president at NCR Financial Services. "NCR Mobile Cash Withdrawal will help financial institutions meet their customers' expectations in the mobile channel and help them deliver a differentiated and faster converged-channel experience."

The technology should also cause headaches for so-called "skimmers" -- financial fraudsters who steal debit card numbers (often as the consumer is using the card at an ATM) and use the data to steal funds from the consumer's bank account.

NCR says the technology will be fully operational by this summer. It is recruiting major banks to include the service for their consumers.

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 16,878.98 -163.92 -0.96%
S&P 500 1,958.86 -13.43 -0.68%
NASDAQ 4,449.3440 -44.0460 -0.98%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs