Jetco launches Hong Kong's first cross-bank cardless cash withdrawal service

Though the world has been moving ever closer towards a cashless society, there are still situations where having physical money on hand is necessary. But one annoyance of doing so is the process of juggling one's bank cards. In response, Jetco has launched Hong Kong's first cross-bank cardless cash withdrawal service, allowing customers at participating banks to take out cash instantly at Jetco automatic teller machines (ATM) via their mobile banking apps. 

ATMs of participating banks will be identifiable by a “Cardless Withdrawal” notice sticker. To use the new service, customers must set the withdrawal instruction settings in advance on their mobile banking apps and authenticate themselves. Once complete, they can select the "Cardless Withdrawal" function on an ATM screen and scan the QR code on their mobile banking app to get cash. The new service is limited to withdrawals in Hong Kong dollars and is subject to daily withdrawal limits set by individual banks. 

“Cross-bank cardless withdrawal is a major step towards achieving open banking and a smarter society. The new service is particularly timely as it helps support social distancing, shortens time spent in queues, and enables ‘no-touch’ withdrawals from ATMs. There are also environmental benefits as a result of the reduced demand for plastic cards over time," said Angus Choi, CEO of Jetco (pictured at top). 

Currently, the service is supported by the ATMs of eleven Jetco member banks, including Bank of Communications Hong Kong (Bank of Communications), The Bank of East Asia (BEA), China CITIC Bank International, China Construction Bank Asia, China Merchants Bank, Chong Hing Bank, Citibank Hong Kong (Citibank), Dah Sing Bank, Industrial and Commercial Bank of China Asia (ICBC), Public Bank Hong Kong, and Shanghai Commercial Bank Hong Kong. However, at this point, only three banks – BEA, ICBC, and Standard Chartered Bank Hong Kong – have incorporated the cardless withdrawal feature into their mobile banking apps, though the Bank of Communications, Citibank, and WeLab Bank Limited plan to include it soon.

Jetco plans to gradually integrate the cross-bank cardless withdrawal feature into the ATMs of all its member banks by the end of 2020.

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