Service will go live across the UK in 2017, enabling customers to withdraw up to £100 through tapping a device on a contactless reader
Barclays will launch its first contactless cash withdrawal service in the new year and will trial it in Northern England before Christmas.
‘Contactless Cash’, which will allow customers to withdraw up to £100 using their phone or contactless card, is planned to be rolled out to over 180 Barclays bank branches across the UK.
The service will only be available on Android. Customers can withdraw money from their account by entering their PIN and the amount of cash they want using the Barclays app, and then tapping the smartphone on the contactless reader.
Alternatively users an enter how much cash they want and their PIN after tapping their contactless card or smartphone on to the reader installed in over 600 in-branch machines.
The banking giant claimed the service is aimed for those in a rush as they can receive all they need with just one simple tap.
However it added Contactless Cash has the added benefit of increasing security when withdrawing money because it eliminates the risk of magnetic card skimming and distraction fraud as the device never leaves the users’ hand.
Barclays UK CEO Ashok Vaswani said: “We are always looking for new ways to make our customers lives easier and their finances even more secure.
“Our customers now expect to be able to use their smartphone to make their everyday purchases. We want taking cash out to be justas easy.
“With Contactless Cash customers can quickly and securely take-out money with just a tap of their smartphone – a first for the UK.”