Some new businesses or new functions launched by the bank in the past few years have been "de-dismissed" before many customers have not had time to use them. On August 31, Guangfa Bank issued the "Announcement on Adjusting the ATM QR Code Deposit Business". According to the announcement, Guangfa Bank will stop the ATM QR code deposit function from September 3, 2022. Previously, CCB and CCB have successively announced the suspension of ATM code scanning and deposit business.
Beijing Youth Daily reporter also found that in addition to ATM scanning code to deposit, Bank of China has recently stopped password remittance, ATM cardless withdrawal and mobile phone withdrawal related services. Industry insiders pointed out that these banking services that have been stopped are basically related to cash deposits, withdrawals or transfers. Their common characteristics are that the operation process is cumbersome and the market demand is less. With the development of financial technology , there has been a more convenient alternative. These services are used by customers in real life, but banks still have maintenance costs, while leaving hidden risks. Stopping these services is a wise choice for banks.
Three banks have stopped ATM QR code deposit business
It is understood that in August, three banks have stopped ATM QR code deposit business.
August 26, the Bank of China issued an announcement announcing that the ATM QR code deposit function will be stopped from August 29, 2022, and customers can still use the Bank of China bank card to apply for ATM deposits or go to business outlets to deposit.
ATM QR code deposit function is cumbersome and not practical
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How is the ATM QR code deposit function that was "abandoned" by three banks?
The information of Bank of China Mobile Banking shows that there are four steps to scan the code to deposit: First, click on the ATM to select "Scan the code to deposit", and a QR code will be generated on the ATM screen; second, the user logs into the mobile banking to scan the QR code; third, select a deposit account on the mobile banking; fourth, deposit cash in the ATM to complete subsequent operations. It is understood that the ATM QR code deposits of each bank are basically operated in this way.
is not difficult to see that compared with counter deposits, ATM QR code deposit and withdrawal business does not require the use of a bank card, and it also eliminates the procedures such as queuing, filling out forms, and signing. However, customers must cooperate with mobile banking when using it. During the process, they must operate both ATM and mobile banking. Compared with traditional card deposits or withdrawals, the overall process does not reduce the overall deposit and withdrawal time.
"The QR code deposit function is actually not practical." Co-director and researcher of the Digital Economy and Financial Innovation Research Center of Zhejiang University International United Business School Pan and Lin believe that the user needs of the QR code deposit function are insufficient. In real life, users use cash less and less, and even fewer people go to ATMs to save money. ATMs require cash to be accepted more stringent, such as requiring banknotes to be stacked neatly and not wrinkled, and there are also requirements for the denomination of banknotes. Theoretically, the merchants who collect cash are the target customers of the ATM QR code deposit function, but the cash received by merchants is often very scattered and it is difficult to meet the requirements of the ATM machine, so it is more convenient to deposit at the counter.
Some citizens who are not used to using mobile banking also said that the ATM QR code deposit function is not "friendly" to them. Ms. Zhang, a 70-year-old citizen, told Beijing Youth Daily that once she wanted to save money, she forgot to bring her bank card, so she went to the ATM to try it. After the QR code appeared on the screen, she habitually scanned the code with WeChat, and an error message appeared. The staff told her that she had to scan the code with mobile banking, but Ms. Zhang's mobile phone did not download the mobile banking, so she could only return without success.
Jiang Han, a senior researcher at Pangu Think Tank, also believes that as far as the current market is concerned, the ATM QR code deposit function may only be applicable to some special circumstances. Now the frequency of cash usage is reduced, and using ATM to deposit QR codes is not very meaningful. In actual application, the demand is low and the maintenance cost is high. It is normal to turn off this function.
ATM QR code deposit security risks There is a safer alternative to
In addition to being unpractical, ATM QR code deposit also has security risks. Pan Helin gave an example, saying that customer A can save money to customer B who is not on site through this function, which is similar to the static QR code remote payment function, which is easily a means of fraud and money laundering.
Some bank person pointed out that anti-money laundering requires verification of the identity of the customer or agent, and scanning the code to deposit may not be able to implement this link. Currently, there are more secure card-free deposit methods such as facial recognition, and customers can also choose to deposit with card, so canceling QR code deposits will not have much impact on banking business.
Wang Peng, associate professor at the Intelligent Social Governance Center of Renmin University of China, said that the closure of this business is an exploration of technology and application, and on the other hand, the business itself accounts for a small market share, and its security and compliance are poor, so adjustments are needed.
Jiang Han also believes that it is normal to turn off this function. At least from the perspective of risk, QR code deposits are relatively low in actual applications and have high maintenance costs.
Beijing Youth Daily reporter noticed that all three banks told consumers in the announcement that after stopping QR code deposits, there are still a variety of alternatives to choose from. For example, customers can choose to use the "No Card and No Deposit Service" or enable the "face-scanning" service to apply for ATM deposits.
Bank of China has also stopped three other cumbersome remittance and cash withdrawal services, which are tedious,
Beijing Youth Daily reporters found that the business that Bank of China has recently stopped is more than the ATM QR code deposit. According to the "Announcement on Adjusting Password Remittance, ATM Cardless Withdrawal and Mobile Withdrawal Related Services" issued by the Bank of China on May 24 this year, from August 28, Bank of China has stopped three services: Password Remittance, ATM Cardless Withdrawal and Mobile Withdrawal Remittance; starting from November 1 this year, Bank of China will also stop the inquiry, payment and cash withdrawal services of the above businesses.
Bank of China stated that after the adjustment, customers can complete remittance or cash withdrawal transactions through the bank's account transfer, mobile phone transfer, ATM scanning code withdrawal and other services.
From the product introduction, the three services that Bank of China stopped are the same as ATM QR code deposits, with cumbersome processes and fewer audiences.
For example, for personal password remittance, the customer needs to set up the remittance payment verification method in advance through the Bank of China counter, online banking, mobile banking, etc. with his or her debit card/passbook, including relying on the "password", "mobile verification code" or "password + mobile verification code", and then inform the recipient of the remittance number and designated verification method generated by the banking system. The payee can use the remittance number and designated verification method to handle the payment at the Bank of China outlet or ATM. The biggest advantage of the function
is that the remitter does not need to know the payee’s account or card number, because the payee can also be himself, which can solve the problem of forgetting to bring a card when going out and not withdrawing cash. However, the demand for withdrawals is getting smaller and smaller. Even if you want to withdraw money, you can use a more convenient QR code to scan the QR code to withdraw money. If the payee is not himself, it is obviously more convenient to transfer money by mobile phone number. Therefore, this function should be used only now.
Bank of China's ATM withdrawal without a card is required to log in to Bank of China's personal online banking or mobile banking, select the withdrawal account, enter the withdrawal amount, postscript, set a reserved password, and confirm it after being certified by the security tool, and then go to the ATM to withdraw money. Obviously, this process is much more troublesome than scanning the code directly with an ATM, which saves time in the password reservation process.
As for mobile withdrawals, customers also need to log in to mobile banking or online banking and initiate remittance transactions to the withdrawal through the "mobile withdrawal" service. The remitter must fill in the withdrawal name and mobile phone number and reserve the withdrawal password.The withdrawaler then withdraws cash at the Bank of China mobile withdrawal agent point with the remittance number, withdrawal password and mobile phone number. This service is also only available to customers who sign contracts to become Bank of China mobile withdrawal agents. It is not difficult to see that mobile withdrawals are inconvenient for remittancers and payees. Not only is the process cumbersome, but it can only be carried out at designated outlets. In fact, it can be completely replaced by other more convenient transfers and cash withdrawal methods, not to mention that there are very few demands for cash withdrawals now.
Expert: In the future, many banks will reduce the functions of low-frequency use on ATMs
disk He Lin said in an interview with a reporter from Beijing Youth Daily that the current cash use is getting less and less, and the functions of ATMs are becoming more and more comprehensive. It can be used to authenticate users by using face-scanning deposits and withdrawals. In the future, if digital RMB is popularized, digital RMB can be used instead of cash. People's overall demand for ATMs is also gradually decreasing, and many businesses can be achieved through smartphones, so many banks will reduce the functions of low-frequency use on ATMs in the future.
With the rise of mobile payments, ATMs themselves have become less and less. According to statistics, from 2018 to 2021, bank ATM machines showed a continuous downward trend, with the number falling from 1.1108 million units at the end of 2018 to about 947,800 units at the end of 2021, a decrease of 15%.
According to the latest data released by the central bank, as of the end of the first quarter of 2022, there were 936,700 ATM machines, a decrease of 11,100 from the end of the previous quarter, and the corresponding number per 10,000 people nationwide dropped to 6.63 units, a month-on-month decrease of 1.17%.
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text/Beijing Youth Daily reporter Cheng Jie
edited by Fan Hongwei
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