Commonwealth Bank has launched a new feature to their mobile app that will allow customers to withdraw money from ATMs using their smartphones from May 2014.

The Australian financial services provider said the idea for cardless withdrawals grew from an internal start-up competition amongst its staff.

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The bank’s 2.3m app customers will be able to withdraw up to $200 a day from 3000 ATMs across Australia using their smartphones.

Through the app, customers will request the amount they wish to withdraw and then input two unique numbers – an 8-digit cash code and 4-digit cash PIN.

Customers will also have an option for someone to collect the cash on their behalf through selecting them from their phone contacts or entering their mobile number.

The customer will be given a cash code to share with their representative, who will then receive the cash PIN directly from the Bank itself.

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The bank also announced a second new feature to their mobile app that will soon allow account holders to lock and limit their credit cards.

This is intended to reduce the number of calls made to its contact centre.

Lisa Frazier, executive general manager, digital channels at CBA, said: "We have been surprised by the uptake and usage of the CommBank app, it’s far faster than expected.

"This shows that the mobile app, mobile banking and transactions is becoming the norm," she added.

In response to the launch from Commonwealth Bank, Westpac Bank announced that its customers will be able to withdraw money from ATMs through their smartphone app from September 2014.

 

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