Mobile ATM Deposit and Withdrawal Transactions Reach Highest Level During Seollal Holiday

Mobile Cash Card ATM Deposit and Withdrawal Service
Record High Usage During Lunar New Year Holiday Period

The usage of services that allow deposits and withdrawals at ATMs without a physical cash card has recently increased significantly, reaching a record high during the Seollal holiday period.

On the 11th, the Bank of Korea announced that the number of ATM deposit and withdrawal transactions using QR codes reached a record high of 1,810 on February 8, during the Seollal holiday period. The previous record was 1,364 transactions on December 6 last year, the day the QR code service was launched. The usage of mobile ATM deposit and withdrawal services has shown a continuous upward trend, with daily averages of 56 transactions in December, 430 in January, and 627 in February.

Earlier, the Financial Informatization Promotion Council began jointly operating the 'QR code-based ATM deposit and withdrawal service' with the Korea Financial Telecommunications & Clearings Institute and 17 domestic banks starting December 6 last year to enhance convenience for financial consumers.

With this service, cash deposits and withdrawals at ATMs of the 17 domestic banks can be made using a mobile cash card app (mobile banking app) without the need to carry a physical cash card.

The existing mobile cash card service was only available on Android phones at ATMs equipped with NFC (Near Field Communication) recognition. However, since December 6 last year, in addition to the NFC method, the QR code method has been introduced, allowing ATM deposits and withdrawals regardless of smartphone model.

As of the end of October last year, 49,000 ATMs are equipped with QR code-based deposit and withdrawal functions.

An official from the Bank of Korea stated, "Since December last year, the service has expanded from Android phones to non-Android phones such as iPhones, and the introduction of the QR code deposit and withdrawal method, which is familiar to the public, appears to have positively influenced the increase in user convenience."

However, public awareness of the joint mobile cash card service among banks is still relatively low. The Bank of Korea official added, "We plan to continuously improve the mobile cash card service and enhance cooperation with related organizations to improve convenience for financial consumers. In the future, we intend to expand the range of ATMs supporting mobile deposits and withdrawals from bank ATMs to automated device operators (CD/VAN companies) and financial institutions serving low-income populations."

This content was produced with the assistance of AI translation services.