JETCO Launches Interbank Cardless Cash Withdrawal Service in Macau, Plans Integration with HK Service in 2022
Payment services group Joint Electronic Teller Services Limited (JETCO) has moved forward with an interbank cardless cash withdrawal service for Macau SAR, with plans to integrate its withdrawal systems in Macau and Hong Kong from by 2022, JETCO CEO Angus Choi revealed today. (Wednesday).
“The launch of cash withdrawals without an interbank card is a key step in the introduction of modern financial services for residents of Macau. This helps strengthen JETCO’s ATM network in Macau as it continues to expand to support the growth of the local economy, ”Choi said at an online press briefing today.
The new service mirrors a similar program advanced in Hong Kong last year, covering the ARMs of seven Macau banks and three issuing banks adding the service to their respective mobile banking apps and authorized to make cashless withdrawals for the seven banks mentioned. .
The service will be supported by Banco Comercial De Macau SA, Bank of China Limited, Macau Branch, China Construction Bank Corporation Macau Branch, Industrial and Commercial Bank of China (Macau) Limited, Luso International Banking Limited, OCBC Wing Hang Bank Limited and Tai Fung Bank Limited, with other banks to be gradually added.
The service allows local customers of all participating JETCO member banks to withdraw both Hong Kong dollars (HKD) and Macao Pataca (MOP) at over 1,100 JETCO ATMs in Macau. Daily withdrawal limits will remain the same as with physical cards.
Customers will need to preset withdrawal instructions on their mobile banking app and then scan the QR code on the ATM screen to get cash.
Of the seven banks, three have deployed the cardless withdrawal feature in their mobile banking apps: Bank of China Limited, Macau Branch, Luso International Banking Limited and Tai Fung Bank Limited.
Choi also revealed today that JETCO plans to allow customers of participating banks in Hong Kong and Macau to make cardless withdrawals in both cities in a second phase scheduled for 2022.
Around 17 banks with around 1,700 ATMs currently support the service in Hong Kong, with this future cross-border service to facilitate closer integration of the economy and people in the Greater Bay Area.
The service will be subject to daily withdrawal limits set by individual banks and JETCO plans to integrate the interbank cardless withdrawal feature into ATMs of all of its member banks in Macau by the end of the year.
JETCO currently has 30 member banks in Hong Kong and Macao and operates more than 3,000 ATMs in the two SARs.
Responding to questions posed by the Macau News Agency during an online press briefing for the new service, the CEO of JETCO estimated that after the system is deployed, the volume of bank withdrawals is expected to “increase significantly.” .
According to data provided to MNA by JETCO, the number of ATMs in the SAR has grown from around 800 ATMs in 2014 to nearly 1,400 ATMs this year.
Choi also addressed the dramatic increase in mobile cashless transactions since the pandemic outbreak in 2020 after the governments of Macau and Hong Kong moved forward with government-led economic stimulus programs calling for the installation of platforms. forms of mobile payment by businesses.
Macau’s mobile payment transaction volume jumped 31% quarter-over-quarter in the first quarter of this year to MOP 3.1 billion ($ 387.5 million), according to the Monetary Authority of Macao (AMCM).
“Mobile payments are becoming more and more popular and many questions have been asked about the future of cash and card transactions,” noted Choi.
However, the CEO of JETCO warned that while mobile payments are a trend, natural disasters such as the recent floods observed in [Zhengzhou], which led to the shutdown of the internet and energy grids, also caused problems when people found themselves unable to make mobile payments.
“People will always need cash. In mainland China, people are very used to cashless payments, but when the power suddenly goes out, they have no other recourse because they don’t have real money. I think cash and ATMs will still be there in the future because they are basic banking services, ”he added.
“For example, in Hong Kong we have eight virtual banks but so far half of them have become our members, which shows that the need for cash remains critical, even though most services are in operation. line. Cash payments and mobile payments complement each other and I don’t think more mobile payments immediately mean that cash will disappear ”