Korean Banks Let People Withdraw Cash from ATMs Using QR Codes

Instead of using a real bank card, customers in Korea may now make cash withdrawals and deposits at ATMs by scanning a QR code with their Apple or Android smartphone.

17 banks, such as Shinhan Bank, Hana Bank, KB Kookmin Bank, Woori Bank, and NH Nonghyup Bank, are offering the Bank of Korea's newly launched service.

It allows users to deposit or withdraw money at ATMs from a bank account connected to a virtual card kept in the nation's mobile cash card app.

Korean banks let people use QR codes to make deposits 

"The only mobile cash card service available at ATMs with near field communication (NFC) recognition was for Android phones. 

However, regardless of the operating system on their smartphone, all bank customers may now access ATM deposit and withdrawal services thanks to this new QR code service, as the Korean news portal Pulse reports.

"In order to utilize this service, customers must download and link the mobile cash card app to their bank account beforehand. 

Users of the mobile cash card service may access a virtual cash card on their cellphones in place of a real card.

The report also states that the Bank of Korea "plans to expand the service to payment platform apps, mobile banking apps, microfinance institutions, and ATM operators."

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