Many banks in Nepal have begun allowing the scanning of QR to withdraw cash from banks. While the checkbook has been the most traditional and prevalent method to withdraw cash, the digital method is gradually replacing the paper works.
The ATMs do offer people a convenient way to get their money from their bank accounts. They don’t have to bother with forms and little details. However, the QR scan takes the convenience to the whole next level.
The transformation can be credited to the ethos enshrined in the Digital Nepal Framework. The guidelines pitch for financial inclusivity and extending financial reach to the far regions has become the norm lately. And so has the digital transformation.
In line with the growing digital practices, banks and financial institutions have lately allowed QR to withdraw cash from banks. And this practice has become common among the majority of the banks too.
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How to Scan QR to withdraw Cash from Banks?
First, customers need to visit their bank. And at the teller, they can scan the QR code to dispense the cash. To do this, the customers need to use the mobile banking app of their respective bank.
After the customer enters the ‘amount’ to withdraw, the staff stationed at the teller gets it approved on a computer and hands over the cash to the customer.
With this system, the bank customers do not need to carry a cheque or an ATM card to withdraw the amount. A smartphone with the banking app, and an internet connection handles the rest.
But since the practice is still new, Nepal Rastra Bank has included some terms. The central bank allows up to only 2 lakh withdrawals per day through QR scans. Meanwhile, 10 lakh of the amount can be withdrawn in a month.
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Advantages:
- Withdrawing cash with QR is a new and very convenient form of banking practice. With this, users can forget about carrying a bank-issued cheque or an ATM card.
- This is particularly helpful when you have lost or forgotten the passcode of your ATM card. And also when you have run out of cheque or lost it, this practice comes very handily.
- On the other hand, ATM machines can be volatile. Sometimes they do not work or have problems dispensing the cash. At other times, a minor deviation in the signature also gets the cheque refused. The QR scan rids you of all these little details and efficiently helps you withdraw cash.
- It is instant and convenient too. Scanning a QR only takes seconds. Plus, it spares all the disadvantages with physical papers, writing details, and forgetting ATM PINs.
The system is growing and gradually the NRB could increase the threshold for cash withdrawal.
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Will QR scanning replace ATMs and cheques for cash withdrawals in near future, or it will coexist with others? Do offer your opinion in the comments below.
