JETCO unveils cardless cash, says withdrawals in HK drop during pandemic

Business | 2 Jun 2020 4:48 pm

Joint Electronic Teller Services (JETCO), which operates more than 2,000 automatic teller machines in Hong Kong, reported a single-digital drop in ATM transactions amid the coronavirus outbreak, due to less demand for cash withdrawals and increasing use of mobile payments, said chief executive Angus Choi Ping-chung.

The transactions have been gradually recovering as locals have returned to work after the government eased restrictions onsocial distancing, but it is still lower than it was before the epidemic, Choi said.

Before the virus pandemic the ATM transactions hadn't changed that much since the Hong Kong Monetary Authority launched the Faster Payment System in September 2018, he added.

It's still not known whether the pandemic will change  payment habits, but the company has to expand features in its ATMs, Choi said.

JETCO today announced the rollout of Hong Kong’s first cardless withdrawal service. Customers of participating JETCO member banks can take out cash instantly from any JETCO ATM that supports this service by scanning the QR code on the ATM screen with their mobile banking apps, the company said.

JETCO plans to gradually integrate the cross-bank cardless withdrawal feature in the ATMs of all member banks by year end. It has more than 30 member banks in Hong Kong and Macau. 

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