"ATM Cash Withdrawal and Deposit Possible with Smartphone Only... Using QR Code"

Starting from the 6th, it will be possible to deposit and withdraw money at bank ATMs without a physical cash card, using only a smartphone.

According to the Bank of Korea on the 5th, the Financial Informatization Promotion Council, the Korea Financial Telecommunications & Clearings Institute, and 17 domestic banks will launch the 'QR Code-based ATM Deposit and Withdrawal Service' on the 6th, allowing ATM transactions at banks using mobile cash card apps and mobile banking apps without any smartphone model restrictions.

With the introduction of this service, it will be possible to deposit and withdraw cash at ATMs of 17 domestic banks using mobile cash card apps (mobile banking apps) without the need to carry a physical cash card.

(Data provided by Bank of Korea)

Previously, this mobile cash card service was only available on Android phones at ATMs equipped with Near Field Communication (NFC) recognition. However, going forward, ATM deposit and withdrawal services will be available without smartphone model restrictions using QR code technology in addition to NFC.

The Financial Informatization Promotion Council and others entrusted the project to the Korea Financial Telecommunications & Clearings Institute and spent about nine months developing the service technology and applying ATM technology at individual participating banks.

As a result, as of the end of October, approximately 49,000 ATMs have been equipped with QR code-based deposit and withdrawal functions.

The Bank of Korea stated, "We expect the convenience of cash usage for mobile cash card users to be greatly enhanced with the introduction of this service," and added, "We plan to expand the service to mobile banking apps, payment platform apps, and ATMs of community financial institutions and automation equipment operators (CD/VAN companies) in the future."

To use the QR code-based ATM deposit and withdrawal service, users must first download the 'Mobile Cash Card' app on their smartphones and link it to their bank account. The app is available for free download on Google Store and App Store.

Example Procedure for Mobile Cash Card Joint QR Code ATM Withdrawal Service (Data provided by Bank of Korea)