Greek banks adopt new technologies scrapping the withdrawal of cash from ATM with a bank card, effectively leading large groups of the society (elderly, disabled, low incomers, non-skilled persons in digitization etc) to a disgraceful social exclusion.
Several websites posted about the “new era” for the banking cash-withdrawal system a few days ago and the news went almost unnoticed, even thought journalists should have made a big issue out of this due to the upcoming social exclusion.
Noting that Greek banks plan to gradually limit or even eliminate the ability to withdraw cash with a card from an ATM, they praise the new era “as part of a broader strategy of digitization and strengthening the security of banking transactions,” most likely quoting from a press release they received from …whom?
Digital money in the spotlight
These changes follow the general trend of reducing the use of physical money and strengthening digital payments.
Banks are adopting new technologies to simplify transactions, and accessing cash from ATMs is changing radically. Soon, bank account holders will be able to bypass the traditional use of a plastic card and make withdrawals with ease, simply using their mobile phone.
This transition is taking place gradually, with bank branches upgrading their existing ATMs to carry a special NFC (contactless cash withdrawal) badge. The new functionality allows users to withdraw money and check their balances through a simple process based on their mobile phone.
Prerequisite: Card integration in the digital wallet
To take advantage of this new feature, it is necessary for account holders to have added the details of their bank card to a digital wallet installed on their mobile phone, such as Apple Pay or Google Wallet. Once the card is digitized, the mobile phone becomes a secure means of withdrawing cash from compatible ATMs.
The process is simple and reminiscent of a classic contactless payment:
- You bring your mobile phone closer to the ATM
- You confirm with Face ID or fingerprint
- You select the amount and complete the transaction
- The special indication and benefits of contactless transactions
Currently, three major banks in Greece have already started offering this service through their upgraded ATMs: the Eurobank, the National Bank and the Piraeus Bank.
To make it easier for users to locate these machines, ATMs that support mobile withdrawals are marked with a special symbol, making them easily identifiable. This development marks an important step towards the digitalization of banking transactions, offering greater convenience and speed to consumers.
The transition to contactless transactions significantly increases security:
- There is no physical contact with a keypad or card
- Reduced risk of PIN theft or card skimming
- Secure authentication via mobile
PS What would the European Commission and the European Central Bank saying about these new methods that exclude large parts of the society? Many Greeks still use the older smart phones and even if they purchase those with NFC you think they will be able to make use of the new withdrawal system? Or should they follow the instructions of the National Bank who recently cheeky advised elderly and pensioners on Lesvos to make use of e-banking and if they can’t to “get your grandchildren to help you.”
And how about the personal data protection for those who do not want to have their bank card data on open apps like Apple or Google stores etc?
POLL – what do you think?
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