Sberbank Kazakhstan opens way to cardless cash withdrawals
Sberbank Kazakhstan and OpenWay have launched a cardless cash withdrawal service on the Way4 platform.
The bank’s customers can now get cash at more than 900 ATMs without a card. Instead, a “secret” code is entered at the ATM.
The new “cash by code” functionality was developed by OpenWay together with an unnamed third party integration company.
Andrei Timchenko, deputy CEO – retail at Sberbank Kazakhstan, says: “Cash by code gives our customers hassle-free access to their funds, even if they lose their card or forget it at home.”
The bank says customers specify the withdrawal amount and a mobile phone number via the Sberbank Online system. A two-part code is generated. The customer receives the first part via Sberbank Online and the second part via an SMS message.
To withdraw the funds, the customer enters both parts of the code and the withdrawal amount at any Sberbank ATM.
As an additional security measure, the codes are only valid for 24 hours and the funds return to the sender’s account, if they are not collected within that time.
Customers can withdraw from KZT 1,000 to KZT 100,000 (about $3 to $300).
Sberbank Kazakhstan, a subsidiary of Russia’s banking giant Sberbank, is a notable player in the country’s retail banking space. According to the bank’s data, its services are used by 20% of the country’s “economically active” population.
Here’s one we made earlier
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