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Abstract- Automated Teller Machine (ATM) transactions are found safe, reliable and inevitable these days for fulfilling our financial commitments. Traditional approach for using ATM mandates involvement of Debit card. But however, people do experience times when their account lacks balance amount or they forget to carry card and struggle to complete transaction.
We know that, parallel to ATM usage, mobile phones’ usage has also been an inevitable trend. Establishing a connection between these e-gadgets has ignited a simple and effective approach to withdraw cash without the involvement of debit card which can be referred to as card less cash withdrawal. This work can be even convenient than National Electronic Fund Transfer (NEFT). Our proposed approach addresses the situation via Short Message Service (SMS) using mobile phones, establishing connection to GSM devices for obtaining One-Time Password (OTP) to offer timely service for target beneficiary.
I. INTRODUCTION
In 1967, a Scottish inventor named John Shepherd-Barron had a flash of genius: If vending machines could dispense chocolate bars, why couldn’t they dispense cash? Barclays, a London bank, loved the idea, and Shepherd-
Barron’s first ATM was installed in a branch on Enfield High Street not long afterward. Unlike modern ATMs, Shepherd-Barron’s did not use plastic cards. Instead, it used paper vouchers printed with radioactive ink so that the machine could read them. The customer entered an identification code and took her cash–a maximum of £10 at a time. The first automated banking machine in the U.S. was devised by a Dallas engineer and former professional baseball player named Donald Wetzel. Wetzel’s machine used plastic cards like the ones we use today. (Instead of radioactive ink, the cards stored account information in magnetic strips.) In September 1969, a Chemical Bank branch on Long Island installed the first of Wetzel’s machines.
1.2 THE SPREAD OF ATM
By 1970, dozens of U.S. banks had jumped on the ATM bandwagon . To introduce this new machine to consumers, banks used all kinds of advertising tricks. Every 25 minutes during the movies, commercials for the bank touted the advantages of its new cash-dispensing machine.
However, it took a corporate gamble and a blizzard for the ATM to win the confidence of American consumers. In 1977, the chairman of Citibank took a huge risk, spending more than $ 100 million to install ATMs all over New York City . That investment paid off the following January when a huge blizzard hit New York, dumping 17 inches of snow on the city. Banks were closed for days; meanwhile, ATM use increased by 20 percent. Within days, Citibank had launched its by-now-familiar “The Citi Never Sleeps” ad campaign. Posters and billboards showed customers trudging through snow to get to Citibank ATMs. After that, almost every one of the country’s banks followed Citi’s lead. The era of the ATM was underway.
1.3 ATM TODAY
Today, there are almost 2 million ATMs around the globe. Although use of the machines has declined in recent years, likely because more people make purchases using credit and debit cards instead of cash, the ATM continues to have a place in modern culture. Today’s machines sell everything from airline tickets to movie tickets to medicine [1][2]. But the only compulsion is debit card usage for all transactions. We are proposing a method which completely foils this restriction. User of this service will be able to offer timely service to the beneficiary. The remainder of this paper has been organized as follows: Traditional ATM transactions shown in the next section followed by existing card less ATM withdrawal process, proposed card less ATM withdrawal scenario is presented followed by conclusion and remarks.
III. EXISTING CARDLESS ATM WITHDRAWAL PROCESS
ICICI Bank Ltd. has been successful in
implementing card less ATM cash withdrawal up to certain
extent as it involves few complex and tedious formalities.
Entire cash withdrawal process is bound by few set of
restrictions i.e., need of an iMobile app, n-dimensional
authentications, etc., which most of the times cannot be
bared by end users. The overall process is depicted as
below [6]:
Step 1: Request for Card less Cash Withdrawal at
iMobile
Log in to iMobile application with four digit login
pin number
Click on fund transfer option and then click on
Cardless Cash
Add a Payee
Go to 'manage payee' section and select 'add
Cardless Cash Withdrawal payee'
Enter recipient mobile number, name and address
Confirm recipient registration by entering Unique
Registration Number (URN) received on your
registered mobile number
Create Cardless Cash Withdrawal transaction
Go to 'Fund Transfer' section and select 'Cardless
Cash Withdrawal'
Select an account to make a payment and select
Cardless Cash Withdrawal recipient from the
registered recipient list