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Covid-19: Contactless ATM Withdrawals go Mainstream

Covid-19 has accelerated the trend towards contactless cash withdrawals in Switzerland, according to SIX, which says that more than a third of machines in the country are now equipped with QR code readers while another 20% have NFC readers.

The number of ATMs that offer contactless cash withdrawals has been on the rise for some time, jumping 26% worldwide in 2019.

However, the pandemic has spurred an acceleration in Switzerland, where several banks have already rolled out QR code-based machines, leading to a 269% increase in transaction in 2020.

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SIX says it also enables banks to offer cash services in cashless branches using the QR code, while some lenders have begun offering the option of generating QR codes via mobile banking, meaning customers can access cash on the go, even without a wallet.

Marco Menotti, head, SIX Banking Services, says: “SIX is supporting the banks in this process and is taking on a coordinating role to successfully accompany the unprecedented transformation of the cash economy towards an ecosystem with an open architecture and increasingly user-centric, digitized cash services.”

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