Lost or misplaced your keycards? What you need to know about cardless cash

Have you ever been to the supermarket and are about to pay for groceries when you realise you left your wallet at home? It’s an annoying situation but would you believe, there’s a way around it without having to go home again? It’s called cardless cash and while it sounds like a bank robber’s dream come true, it’s actually not as suspicious as it sounds.

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Here is what you need to know.

Just this week, St George Bank announced they were the next financial institution to offer cardless cash, alongside Commonwealth Bank, NAB and Westpac.

Essentially, banks are now making it easier for you to get going again when you’re stranded without cash. The idea is that you can withdraw funds from your bank’s ATM without a card just by using your bank’s app.

When you are in your bank’s app, you will received two codes – one a cash code and the other a 4-digit PIN. Then, you go to your bank’s ATM and follow the screen prompts to withdraw your money.

Most of the participating banks have a limit on how much you can withdraw in a day, and you must nominate how much you want from your account before you generate cardless cash.

The codes you receive will expire, and you can even tell your app if you want someone else to collect the money on your behalf.

For those worried about security, remember that your physical card is a lot easier to lose than your phone, and cards have tap technology so anyone can withdraw at any time. At least with cardless cash, your phone is providing extra safety measures to ensure not just any Joe Blow can take your money.

 

So tell us, would you use cardless cash? Or have you? Do you think we will eliminate cash altogether soon?

Important information: The information provided on this website is of a general nature and for information purposes only. It does not take into account your objectives, financial situation or needs. It is not financial product advice and must not be relied upon as such. Before making any financial decision you should determine whether the information is appropriate in terms of your particular circumstances and seek advice from an independent licensed financial services professional.