23-09-2016, 11:22 AM
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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.
INTRODUCTION
1.1 THE ADVENT OF THE ATM
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? [1][2] 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 [1][2] 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 [1][2]. 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 [1][2]. 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 [1][2]. 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.
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
Enter transaction amount
Authenticate transaction using your debit card grid
Your selected account will get debited
Step 2: SMS from ICICI Bank
You will receive a unique 4-digit code on your
mobile from ICICI Bank
Please share the 4-digit code with recipient
The recipient will also receive a SMS with a
unique 6-digit code on their mobile phone from
ICICI Bank\
Step 3: Cash withdrawal from ICICI Bank ATM by
recipient
You will receive a unique 4-digit code on your
mobile from ICICI Bank. Please share the same
with recipient.
Recipient has to visit a specified ICICI Bank ATM
and enter the following details:
o The recipient mobile number
o The 4-digit code (as received by the sender)
o The 6-digit code (as received by the recipient)
o The amount to be withdrawn (in INR)
Cash will be dispensed on successful
authentication of all these four parameters. The
entire amount needs to be withdrawn by the
recipient as a one-time transaction
If there is any mismatch in the details entered by
the recipient, the Cardless Cash Withdrawal
transaction will be blocked and the amount will be
returned to the sender's account
Limits: Sender limit - Rs. 10,000 per transaction and INR
25,000 per beneficiary per month.
PROPOSED CARDLESS ATM CASH WITHDRAWAL
SCENARIO
The existing method of card less cash withdrawal
can be a bit complex for a layman. Our proposed approach
does not involve too much of formalities and restrictions as
compared to the existing one. It will be made clear as we
proceed with the description for our proposed work. Every
bank account holder will have his mobile phone number
registered with the bank account [5]. This alone is
sufficient to prove identification and authentication. Bank’s
server will have a GSM Device attached in order to receive
and process SMSs. Detailed scenario is shown considering
two ideal cases and goes as follows:
CASE 1: Withdrawing for self
Step1: User has to send an SMS comprising of a
“keyword” (priory defined by the bank) followed by his 16-
dgit debit card number and amount to be withdrawn to the
Server number specified by the bank.
Ex: WDW 1234567898765432 500 to 53553
Step2: A confirmation message will be sent to the user
mentioning an OTP to complete the transaction.
Step3: User will now chose appropriate option going to the
nearest ATM of that bank for accomplishing the transaction
within the specified time (5 minutes) [4]
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.
INTRODUCTION
1.1 THE ADVENT OF THE ATM
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? [1][2] 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 [1][2] 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 [1][2]. 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 [1][2]. 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 [1][2]. 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.
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
Enter transaction amount
Authenticate transaction using your debit card grid
Your selected account will get debited
Step 2: SMS from ICICI Bank
You will receive a unique 4-digit code on your
mobile from ICICI Bank
Please share the 4-digit code with recipient
The recipient will also receive a SMS with a
unique 6-digit code on their mobile phone from
ICICI Bank\
Step 3: Cash withdrawal from ICICI Bank ATM by
recipient
You will receive a unique 4-digit code on your
mobile from ICICI Bank. Please share the same
with recipient.
Recipient has to visit a specified ICICI Bank ATM
and enter the following details:
o The recipient mobile number
o The 4-digit code (as received by the sender)
o The 6-digit code (as received by the recipient)
o The amount to be withdrawn (in INR)
Cash will be dispensed on successful
authentication of all these four parameters. The
entire amount needs to be withdrawn by the
recipient as a one-time transaction
If there is any mismatch in the details entered by
the recipient, the Cardless Cash Withdrawal
transaction will be blocked and the amount will be
returned to the sender's account
Limits: Sender limit - Rs. 10,000 per transaction and INR
25,000 per beneficiary per month.
PROPOSED CARDLESS ATM CASH WITHDRAWAL
SCENARIO
The existing method of card less cash withdrawal
can be a bit complex for a layman. Our proposed approach
does not involve too much of formalities and restrictions as
compared to the existing one. It will be made clear as we
proceed with the description for our proposed work. Every
bank account holder will have his mobile phone number
registered with the bank account [5]. This alone is
sufficient to prove identification and authentication. Bank’s
server will have a GSM Device attached in order to receive
and process SMSs. Detailed scenario is shown considering
two ideal cases and goes as follows:
CASE 1: Withdrawing for self
Step1: User has to send an SMS comprising of a
“keyword” (priory defined by the bank) followed by his 16-
dgit debit card number and amount to be withdrawn to the
Server number specified by the bank.
Ex: WDW 1234567898765432 500 to 53553
Step2: A confirmation message will be sent to the user
mentioning an OTP to complete the transaction.
Step3: User will now chose appropriate option going to the
nearest ATM of that bank for accomplishing the transaction
within the specified time (5 minutes) [4]