Jan 7, 2014 (Tue): Malayan Banking Bhd (Maybank) on Monday officially introduced its cardless withdrawal service via automated teller machines (ATMs), the first such service in the country that allows customers using Maybank2u or Maybank2u mobile app to transfer money directly to any person in Malaysia, using a local registered mobile phone number. After receiving transaction ID and withdrawal code, the recipient can then withdraw the cash at any Maybank ATM without an ATM card.
Both ID and code are valid for only 24 hours and withdrawals are allowed in fixed amounts of RM100, RM200 or RM300, with RM300 set as the maximum daily limit, according to Maybank. Maybank expects its new service able to record 20,000 transactions per month for the first year, Bernama reports.
In conjunction with the launch, Maybank will waive the transaction fee of RM1 from now until 28 Feb 2014. Meanwhile, Maybank is having a contest starts from today until 5 February 2014, giving RM500 everyday to three winners who send cash using the new service.