Would you use your phone to withdraw money?

Covered mag, presented by Gocompare.com
  • | by Kristian Dando
Fancy new technology from RBS and NatWest will allow their current account customers to download an ‘app’ to withdraw money from a cash machine with their phone. Users will be able to get £100 out. Apparently, the system is designed to assist customers who’ve forgotten or lost their cards and need fast cash, or transfer readies to others without using a card. NatWest reckons that the system is ‘thief-proof’ – customers must request a pin on their phone, and this will be hidden until they tap the screen. The code will then be valid for three hours. All well and good, but would YOU use technology like this to get your money out of the bank? We’ve conducted a quick test of opinion, and to be honest, it hasn’t exactly been met with universal approval...read on for the skinny. Until the technology has been in place for a long time without problems, then I’d consider it. There are always flaws and security holes in any new technology, and this just seems like one more potential way for criminals to get at your money. I’m sure it will get there and be a great replacement for debit cards, but I’ll wait for everyone else in the country to test it first! Dan Cassell Personally this sounds like an app for app’s sake as not sure how this will make withdrawing cash easier or quicker than pressing a few buttons on a screen. Steve Williams A sceptical “no” from me on the basis I don’t understand enough about the technology to make me feel like it’s safe enough to use (won’t there be opportunities for people to access your info like on Bluetooth if you leave it on?) Also, I’m lazy. Why would I spend ages putting up to 10 numbers in my phone when I can put four straight into the machine? Nadine Beaton The last thing I want to do is tie my ability to get money out of a hole in the wall to the signal I get from my mobile operator, which is patchy at best. Will this leave thousands of customers standing in front of cash machines waving figures of eight as they struggle to communicate with a satellite in space when the cash point is three inches in front of them? I could certainly see a new phenomenon of ‘cashpoint rage’, where your signal goes down and you smash your phone to bits on the cashpoint, or the nearest criminal who is furtively capturing your private data. Scott Kelly I understand this could be very useful and we do carry around a lot of sensitive information with the advent of smart phones in our lives. It’s a 'yes' from me but only if it is simple to use combined with dynamic security checks, like randomly generated password/ code etc to verify the user, in case I misplaced my phone. Sayantika Mukherjee No, because Rory Cellan Jones, the god of technology says it’s pap. But ‘hell yes’ if it did work. Paul Poulton I would definitely NOT use this app, I don’t understand how it will work! Ceri Morgan I am always a supporter of using technology to make life easier but this sounds like more trouble than it’s worth. A card is easy to carry and does everything you need in a tried and tested manner. You can even pay for smaller items contactless with the newer cards - why not use this technology, rather than a phone app to do the same at cashpoints? I think the answer to that is ‘information’, the currency of the modern age. If banks can use a phone app to tie cash withdrawal to internet search results, they’ve suddenly got a new angle on consumer behaviour and that information is worth money to the banks and I am not, generally, a supporter of that. Matthew Pitts Having lost my phone last weekend and then fretting about all the personal info available on it, I am never, ever using any kind of app again, ever. Christina Dunlop