Near Field Communication, so called NFC is the new technology used for various purposes like for wireless file transfer, making payments and other applications. Thanks to the Near Field Communication technology which is been incorporated in the real world for making mobile payments and can also be used for various other uses as well. Making use of this technology is the Google Wallet payment system introduced by Google.
The NCR Corporation has comes out with a different use of this in mind as they have announced the QR code based ATM withdrawal system. The NCR Mobile Cash Withdrawal is the system which allows you to get money from the support bank’s ATM without even require a password or PIN. This doesn’t require any other external hardware on either end further it uses the standard QR codes which can be scanned by any Android smartphone with a camera.
For the users who intended to withdraw money from their ATM account, they simply walk to the supported ATM center and scan the code, withdraw the money. So that doesn’t require even debit card and also no password is input by you. Now this could easily save a lot of time and money for banks.
It’s right now difficult to say how secure this is system is but NCR would implement this method in various banks and if everything goes well, it would be widely accepted by many banks.