Roamware said it has devised a service that enables bank customers to withdraw cash from an ATM without the use of a cash card.
Irish bank Permanent TSB (PTSB) launched the service as part of its mobile banking solutions in 2009. It allows customers to send €100 to anyone in Ireland simply by sending an SMS.
Upon receiving the text message, the recipient may go to any PTSB cash point to withdraw the emergency cash – without the need for an ATM card. Registered customers can request payment five times per month up to a maximum of €500 (€100 per withdrawal). The account holder is charged €2 per withdrawal.
"Emergency Cash is one of the many ways we are differentiated in the market,” said Eamon Martin, Online Development and Mobile Banking Manager at Permanent TSB. "And it gives our customers peace of mind - knowing they still have access to cash if their card is stolen.”
Avnish Chauhan, executive vice president at Roamware reackons the service is of particular interest in Asia and Africa where banks plan on using it for mobile money purposes, that is to send money to friends and family. "This is a cost-saving solution that could potentially complement ‘no frills’ bank account offering to underbanked and unbanked communities in developing economies," he said.