Natwest and Royal Bank Of Scotland (RBS) customers can now withdraw cash from an ATM using their smartphone. This has been made possible thanks to a new service called "Get Cash".
The service works by using the Get Cash application , which is passworded , which gives you a code to enter onto an ATM. Once the code is entered correctly you can withdraw up to £100, which is lower than the maximum you can withdraw using a card for security reasons.
Security is paramount in the new feature and the application won't unveil the code you need to enter until you tap on the screen, just incase anyone is looking over your shoulder. We assume the code changes in a similar way to the portable card-readers used for online banking, but we havn't had this confirmed.
The Get Cash application is currently available to download on Android, Blackberry and iOS devices !
3G thinks this is a really great idea because there have been numerous occasions when we've left the house without our wallet, but we never leave our smartphone behind. One question we do have about the service is whether your account will be locked if you enter the code wrong 3 times in a similar manner to with regular credit/debit cards.
With the uptake of NFC and new solutions such as Get Cash it shouldn't be too long before bank cards are a thing of the past !