BoB launches cardless cash withdrawal

Banking: BoB customers can now withdraw cash without using an ATM card from any of 82 BoB ATMs in the country.

The bank’s CEO, Pema N Nadik, launched cardless cash withdrawal at its corporate office in Olakha yesterday.

The cardless cash withdrawal works by initiating a transaction using BoB’s mobile banking facility (M-BoB). All registered M-BoB users can avail the service.

Cardless cash withdrawal service is a simple and safe mode to withdraw cash 24 hours by sending a One Time Password (OTP) to your own or any other local mobile number.

Person withdrawing cash do not have to have an account with the bank. M-BoB users can initiate a cardless cash withdrawal transaction to anyone through M-BoB application or its USSD code by dialing *262#. Once the transaction is complete, withdrawer will receive an OTP via SMS with which cash can be withdrawn from any of the bank’s ATM.

BoB’s media focal person, Passang Norbu, said that for security reasons, OTP will be valid for only 15 minutes. The service will not work if a person doesn’t withdraw cash within 15 minutes.

A maximum of Nu 15,000 can be withdrawn from one cardless transaction with maximum daily withdrawal amount of Nu 40,000. “The limits and OTP will be reviewed and adjusted in the future based on trend analysis of its usage,” said Passang Norbu.

Besides usual cash withdrawal and balance enquiry, requesting mini account statement, cheque book request, fund transfer to any BoB account, changing of pin code, bank account statement request and airtime BT top up are additional services from the bank’s ATM.

Passang Norbu said that the facility is an innovative service introduced in the country for the first time. “Automation of cash payment cycle is complete with the launch of the service together with the Cash Deposit Machines and M-BoB,” he added.

Dechen Tshomo

1 reply
  1. amrithdiary
    amrithdiary says:

    The details about how the withdrawer can use the OTP on the ATM machines to withdraw the cash would have been little more useful. This news does not provide the complete picture of how this new system works.

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