Touchless Cash Withdrawal Qorus Banking Innovation Awards 2022

Sampath Bank’s Touchless Cash Withdrawal product was focused on enabling cash withdrawal without physically touching the ATM, which was a dire need of the moment, due to rapid spread of Covid-19 in the country. In order to accomplish this, a dynamic QR code is embedded in the ATM client which is compatible with the National QR Payment Platform namely LankaQR. The QR is always visible on the first screen of the ATM. The customer uses Sampath Bank’s Mobile Wallet, ‘WePay’ to scan the QR code on the ATM, enter the amount (in multiples of 100), and confirm the transaction via PIN or Biometric authentication in the app. The customer’s only physical touchpoint will be the actual cash collection. Secure transaction flow enables the transaction to be completed without compromising security. This solution is available for both Sampath Bank and other bank customers who possess a smart phone, a bank account, credit/debit card, or stored-value card in mobile wallet. It is stated that a person contracted with the virus, coming in close proximity or by touching the surface of an object, are the main causes of Covid-19 rampant spread in the country and the world. On average, the ATM is touched 10 times to complete a cash withdrawal. This is further increased as the different transactions are performed at the ATM. The solution completely makes the cash withdrawal touchless and by doing so, safeguards the customers and society from the potential Covid hotspot, the ATM. An ATM withdrawal at best takes approximately 40 seconds to complete a transaction. The Touchless Cash Withdrawal completes the transaction in 20 seconds. This further reduces the time spent at the ATM queue. It is a well-known fact that ATM card defects and friction component failures of the ATM are a major cause for ATM cash withdrawal failures, leading to many issues both to customers and staff. As the solution eliminates the use of both ATM card and friction components such as card readers, PIN pad and touch screen, it is expected to lessen such issues. This leads to higher customer service standards and more effective use of the bank’s human resources. The efficiency bought by the solution is expected to reduce maintenance costs of the ATM which is a saving to the bank. With the adaptation of this solution, a decrease in demand for ATM cards is expected. This will mean the annual maintenance fee on cards can be avoided by customers.