"Cash Deposit and Withdrawal Service via QR Code Regardless of Smartphone Model Starting This December"

Starting this December, regardless of smartphone model, all bank ATMs will offer cash deposit and withdrawal services using QR codes.

On the 27th, the Bank of Korea announced in its '2022 Payment and Settlement Report' that "a service will be launched between November and December this year allowing customers to use mobile cash cards stored on their smartphones to access cash deposit and withdrawal services at all bank ATMs without the need to carry a physical cash card."

To enable mobile cash card users to make cash deposits and withdrawals at ATMs without restrictions based on smartphone model, the Bank of Korea plans to introduce an additional QR code-based ATM transaction service alongside the existing Near Field Communication (NFC) method.

Currently, mobile cash cards cannot be used at ATMs that do not support NFC recognition and are only available on Android-based smartphones, causing inconvenience to financial consumers.

Park Cheol-woo, head of the Electronic Finance Team at the Bank of Korea, stated, "We aim to launch the service this year by steadily developing related standards and initially applying it to bank ATMs, then gradually expanding to mobile banking apps, financial institutions serving low-income groups, and ATMs operated by Value-Added Network (VAN) service providers."

[Image source=Yonhap News]