Laxmi Bank launches the first card-less ATM in Nepal. Now people can withdraw money from ATMs using a mobile application.
Laxmi Bank has implemented card-less ATMs for the first time in Nepal. It’s as a part of its push to expand digital banking technology which is the first of its kind in Nepal.
The Laxmi bank has launched a new technology inreplacement to the ATMs. Now you don’t need an ATM card to withdraw money from your ATM. The bank has confirmed that money can be withdrawn using the mobile banking app ‘Mobile Money’ from an ATM without the use of a physical card.
According to the Laxmi bank, it will show an option called ‘Cardless withdraw’ after logging in to your Mobile Money app, where you have to click and write down the sum you want.
Then for confirmation, you will need to check your M-PIN or fingerprint. The customer will receive an OTP code (number registered in Mobile Money) on his phone as an SMS after doing so. This has to be kept secure before the transaction is completed, The received OTP code can only be used for a short period of time.
After doing so, you can see the ‘cardless’ option even before inserting the card in the ATM booth, and after selecting that option, you have to enter the number registered in your mobile money. After entering the OTP code and the requested amount in mobile cash, the client will then learn to withdraw cash from the ATM.
At this time, the thing to bear in mind is that the amount deposited in ATMs and mobile money should not be more or less but the same.