Home Finance Nedbank Money App Cardless Withdrawals is now available

Nedbank Money App Cardless Withdrawals is now available

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With the Nedbank Money app, you can now withdraw cash from an ATM without having to use your card, as well as at Checkers stores nationwide.

Nedbank has added a new feature to its Money app that allows customers to withdraw cash from an ATM without having to use their bank card.

Instead, users will be able to withdraw cash by scanning a QR code on the ATM screen with their smartphone’s Nedbank Money app.

“There is a continual need to develop dynamic and new transaction solutions in light of the issues connected with the Covid-19 pandemic,” Preni Naidoo, Nedbank Executive for Self-service Banking, said in a statement.

“Clients can load a cash withdrawal on the Nedbank Money app using the QR code functionality.” Then, instead of using their bank card, they simply scan the QR code on the ATM screen to withdraw their cash swiftly and securely.”

What exactly is a cardless withdrawal, and how does it operate?

A cardless withdrawal is an electronic service that lets Nedbank customers to transfer money to non-Nedbank customers. Following that, the funds can be withdrawn from just about any Nedbank ATM or retail location that accepts Nedbank cards.

Recipients will receive a voucher number and a one-time password (OTP) via text message in order to withdraw the monies. R5 000 is the daily withdrawal limit.

How to use the Nedbank Money app to make an ATM withdrawal

Currently, the feature is only available at a few ATMs. The Nedbank website has a complete list of ATMs (opens as PDF).

If you want to withdraw money using a QR code, follow these steps:

– Open the Money app and log in.

– Choose the “Get money” widget.

– Enter the amount you want to take out.

– Choose the account from which you want to make a cash withdrawal.

– Select “Scan Now” from the drop-down menu.

– Choose “Money app withdrawal” from the ATM’s menu.

– Using the app, scan the QR code on the ATM screen.

You can also pre-load the amount you wish to withdraw and opt to “scan later,” according to Nedbank.

This eliminates the need for you to stand in front of the ATM while using the app.

What is the procedure for registering for cardless withdrawals?

Users do not have to register, but will need to have access to any Nedbank digital banking application or a MobiMoney Account to allow them to transfer the funds.

How do I get cash from a Checkers store?

It’s a piece of cake. Request a Nedbank cardless withdrawal at a cash register. Give the teller your voucher number and the OTP you received by SMS.

According to a Mastercard study, 89 percent of South African participants indicated a preference to use contactless payment alternatives when purchasing at retailers since the Covid-19 outbreak began.

TymeBank, a digital-only bank, also launched its contactless card payments to its customers last year.