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Get cash from an ATM just by looking at it

Imagine being able to withdraw cash from an ATM just by looking at it.

Well, that technology is about to become a reality.

Diebold and Citigroup are developing a screenless ATM for which users would no longer require a plastic card or PIN. The two companies believe the average transaction time to withdraw cash would be cut from 45 seconds to 15 seconds.

According to trend monitoring website, the ATM works by using the customer’s smartphone as screen and keypad – after confirming the user’s identity by scanning their eyeball.   

Besides the convenience – and presumably a cost saving in producing ATMs without screens – the new concept is actually being driven by the need for enhanced security.

Banks are always looking for more secure means of customer identification in a bid to minimise fraud. Indian bank ICICI, for example, enables customers to use their voice as a password for telephone banking.

Another model being developed by Diebold – which is currently in merger talks with German rival Wincor-Nixdorf – does away with the receipt printer, sending statements to the user by email instead.

Bangkok Bank in Thailand already sends an SMS instantly confirming ATM withdrawals and providing the account balance for a monthly fee of about US 30 cents, although paper receipts can still be printed on request.

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