ANZ bank launches phone wallet to withdraw cash from ATMs

The days of carrying a plastic bank card could be numbered, with ANZ customers now being offered the option of ditching their wallet for an all-digital profile.

The bank’s latest innovation is technology allowing consumers to use a smartphone or watch to withdraw their cash from an ATM.

The move means all ATM functions can now be completed without a card, and follows the widespread use of devices to process payments and purchases.

“It is more secure than plastic cards because customers have to either use their face ID, or thumbprint or pin on their phone before they can even use cash, and take the cash out at the ATM,” ANZ executive Narelle Charity told 9NEWS.

But with some consumers feeling a little uncertain, e-commerce expert Associate Professor Sherah Kurnia warned there are pros and cons when it comes to signing up to a digital wallet.

“No matter how well we put, or organisations put, the security measures, there is always a possibility of leakage – where people can actually step in and intervene with the security measures.”

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Source: ANZ bank launches phone wallet to withdraw cash from ATMs