Withdraw money from ATMs without any Card

Bank of India became the first bank in state of Maharashtra, India to allow users to withdraw money from ATM without having a bank account.

The bank launched ‘Instant Money Transfer’, a domestic remittance service that would allow any user to remove cash from its selected ATM’s without having the need of card. This facility is as per the promise of RBI governor, Raghu Ram made in the month of March.

Using the receiver's mobile number, the IMT would allow the customer to transfer money to a receiver through the bank's ATM or using retail Internet banking facility. Hence, the receiver may withdraw money from designated BoI ATMs without using a debit card.

ATM has revolutionized the money transfer process. It has definitely reduces the headache of waiting in long bank queues. The global ATM market is poised togrow steadily as per various research. One such research is conducted by Allied Market Research that provides market Size, Share, Trends and Forecast from 2012 – 2020 on the global ATM market. It would be interesting to see what next technological up gradation is waiting for ATMs.



The report expects the ATM market to reach a mark of $21.9 billion by 2020, registering a CAGR of 7.6% during 2014-2020. The financial services offered by ATMs is the main reason for the growth of global ATM market. However, online theft, inefficient network connectivity and frauds hinders the overall market growth. With a CAGR of 11.3%, while label ATMs are expected to grow steadily during the forecast period.

On the basis of solution, the global ATM market is segmented into deployment services and managed services. Deployment services is further classified as onsite, offsite, worksite and mobile ATM. Onsite ATM refers to ATM in the premise of the bank. Here the customer can utilize both the physical bank branch and ATM. Onsite ATM helps to save time for customers. Offsite ATM machine is one that is located away from the bank premises. It is built by the banks to reach a wider geographical audience and increase the scope of their business. ATM machines located in a company is known as worksite ATM.
In terms of type, the global ATM market is segmented into Conventional ATM/Bank ATM, Brown ATM, White label ATM, Smart ATM, Cash dispenser ATM. Brown label ATM means the hardware and the lease of it is provided by the service provider; however, connectivity and cash management is by the banks whose ATM will be installed.

The `brown label' is been looked up as a substitute between 'white label' ATMs and bank-owned ATMs. A white label ATM is an ATM machine that is owned by the non-banking institutions.

Diebold has been providing security solution to varius institutions over the span of 150 years. Diebold Inc. launched 2 sets of cash recycling ATMs, namely, 3500 and 3700 at Middle East ATMs 2014 in Dubai. Aforementioned two series are designed to increase the efficiency of cash-management and to mitigate risks, as per company.



"This new technology is the next step in Diebold's mission to deliver purposeful innovations that meet real business objectives for our customers," said Diebold Executive Vice President and Chief Innovation Officer Frank A. Natoli Jr. "The 3500 and 3700 series provide exceptional reliability for high transaction environments — helping financial institutions reduce costs, expand their reach and realize a greater return on their investment."

Popular posts from this blog

Reinforced honeycomb sandwich material market

Technology Trends Drives The Capsule Endoscopy System In 2015

Contactless Payments Market Expected to Reach $25,565 Million by 2023