BAY launches 'Cardless ATM'
Bank of Ayudhya yesterday introduced its Cardless ATM money-transfer service, a first in Thailand, whereby transfers made by BAY customers to third parties can be withdrawn immediately at any of the bank’s 2,600 ATMs without the recipient needing to have
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From tomorrow, you can withdraw funds from a Bank of Ayudhya (BAY) automatic teller machine without an ATM card or bank account under its new "Cardless ATM" money-transfer service.
The innovative service - a first in Thailand - was launched yesterday as the first product from the bank since its partnership with GE. With the new service, customers can transfer cash via the bank's two electronic channels, ATM and Internet, and select the "Cardless ATM" function on the menu for a real-time money transfer. They need to enter the mobile phone number of the recipient and the amount to be transferred - limited to Bt20,000 per transaction and a maximum of Bt100,000 per day. Senders will then receive an SMS from the bank, containing a special six-digit code. They then tell the recipient the code. To withdraw the money, a recipient has to go to one of the bank's 2,600 ATMs nationwide, where they need only select a special button on the ATM that indicates this service and then key in the code provided, the cellphone number of the sender, and the amount transferred. With this service, money transfers can now be made without the need for the sender to remember the recipient's bank account details. The recipient can also access the service without the need to have a bank account or ATM card. The fee for the innovative service is Bt30 per transaction. The rate is the same for all transfers, including interbank money transfers and provincial transfers. At other banks, the fee for an ATM money transfer is in the range of Bt20 to Bt35 per transaction. BAY chief retail banking officer Roy Gunara said the bank aimed to expand its ATM card base by 300,000 to 400,000 cards this year, from 3.2 to 3.3 million cards currently. Its ATM machines are expected to increase in number to 3,000 by the end of the year. The new transfer service launched in Thailand yesterday is only the second of its kind in the world, the first being at Guarantee Bank in Turkey. GE is also a major shareholder in the Turkish bank. Meanwhile, CEO Tan Kong Khoon said BAY wanted to be the local leader in both consumer-banking products and services. The bank has not, however, yet set a target for its ranking in the retail-banking business. In the next three to five years, it will mainly concentrate on infrastructure development, he said. Somruedi Banchongduang The Nation
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