Cardless cash withdrawals gain momentum in Israel
As Ness footprint covers so many different geographies, I thought it would be cool to share how technology changes the way we interact and do business in different locations.
The world’s on a digital upswing. Something which seemed incredible years ago is today not just a reality, but re-shaping the way we do transactions.
I’m referring to the money withdrawal scene in Israel.
I still remember how ATMs were first introduced in the 1970s, and made a revolution in the way people consumed cash. Few years ago, a new service was introduced in Israel – money withdrawal with no bank card. This is awesome if you want to send money to your child or to a friend. Here is how this works: you make a money transfer through the portal or the mobile application to the cashless friend. The friend gets a text message with the amount, one time code and your birthdate. Posting these parameters at the nearest ATM is all that is required to execute the transfer and withdraw the money. No bank card is involved!
Of late another service was introduced by Bank Leumi of Israel. All you have to do is touch the ATM with your phone, enter your password and withdraw your money. Only few years ago, all this was incomprehensible.
Think of its advantages. People can get cash whenever and wherever they need, also transfer to their dear ones who require money instantly. Leaving home without a bank card is a problem with some of us. Cardless cash withdrawals will address exactly this.
Israel has been an early adopter of technology and cutting-edge solutions that set out to revolutionize the world.
Just like Israel, the US, UK, Singapore, India, Malaysia, amongst others, have been adopters of cardless cash machines.
What’s next? Will physical notes (like cash and checks) disappear completely? Can’t really predict. We will need to wait and see. Bitcoins (virtual currency) is getting prevalent. We already have a cash machine for bitcoins in Tel Aviv. And a huge community of bitcoin enthusiasts, about 10,000 strong, according to Meni Rosenfeld, who is chairman of Israeli Bitcoin Association. Only time will tell how these solutions will disrupt the way we all function.
