Banks – Smart ATMs for contactless transactions

Greek banks are making significant upgrades to their ATM networks, enabling their customers to make safe and fast transactions 24 hours a day, 365 days a year.

These upgrades concern the installation of ATM machines that will be able to count directly the money being deposited by the customers, giving also the depositors the opportunity to use the money deposited from any channel they wish.

From the ATM itself for transfers to third parties or for payment of debts and from the electronic banking services.

Contactless transactions

The next bet is the use of the ATM without inserting the card in the machine. This is possible through the technology of contactless transactions.

Once the cardholders put their cards near a special point of the ATM, their card will be automatically recognized. This eliminates the risk of the card being forgotten after the transaction.

Today, Eurobank has activated the relevant service, while allowing contactless access to the ATM menu and the use of e-wallets, a method expected to be, also, adopted by the other banks.

The new era

However, this innovation, that will be implented in Greece within the next two years, concerns the way in which ATM transactions are carried out.

In fact, the relevant preparations have already started by some systemic groups

The new system will work as follows: The customers will enter the mobile banking application, where they will prepare their transaction. Withdrawal, deposit, payment or any other available service.

A QR code will then appear on the screen of their device, which will be valid for a certain period of time.

The final step is to carry out the transaction. The m-banking users will scan the QR code at the ATM, which will be recognized by the machine and the transaction will be carried out automatically.

This means that the customers will not have to type anything or use a card, while the time needed so as to carry out a transaction via the ATM will be significantly reduced.

Under those circumstances, in a few years from now, the physical cards will be completely replaced by the e-wallets of the banks.