Greek banks adopt new technologies scrapping the withdrawal of cash from ATM with a bank card, effectively leading large groups of the society (elderly, disabled, low incomers, non-skilled persons in digitization etc) to a disgraceful social exclusion.
Several websites posted about the “new era” for the banking cash-withdrawal system a few days ago and the news went almost unnoticed, even thought journalists should have made a big issue out of this due to the upcoming social exclusion.
Noting that Greek banks plan to gradually limit or even eliminate the ability to withdraw cash with a card from an ATM, they praise the new era “as part of a broader strategy of digitization and strengthening the security of banking transactions,” most likely quoting from a press release they received from …whom?
Digital money in the spotlight
These changes follow the general trend of reducing the use of physical money and strengthening digital payments.
Banks are adopting new technologies to simplify transactions, and accessing cash from ATMs is changing radically. Soon, bank account holders will be able to bypass the traditional use of a plastic card and make withdrawals with ease, simply using their mobile phone.
This transition is taking place gradually, with bank branches upgrading their existing ATMs to carry a special NFC (contactless cash withdrawal) badge. The new functionality allows users to withdraw money and check their balances through a simple process based on their mobile phone.
Prerequisite: Card integration in the digital wallet
To take advantage of this new feature, it is necessary for account holders to have added the details of their bank card to a digital wallet installed on their mobile phone, such as Apple Pay or Google Wallet. Once the card is digitized, the mobile phone becomes a secure means of withdrawing cash from compatible ATMs.
The process is simple and reminiscent of a classic contactless payment:
- You bring your mobile phone closer to the ATM
- You confirm with Face ID or fingerprint
- You select the amount and complete the transaction
- The special indication and benefits of contactless transactions
Currently, three major banks in Greece have already started offering this service through their upgraded ATMs: the Eurobank, the National Bank and the Piraeus Bank.
To make it easier for users to locate these machines, ATMs that support mobile withdrawals are marked with a special symbol, making them easily identifiable. This development marks an important step towards the digitalization of banking transactions, offering greater convenience and speed to consumers.
The transition to contactless transactions significantly increases security:
- There is no physical contact with a keypad or card
- Reduced risk of PIN theft or card skimming
- Secure authentication via mobile
PS What would the European Commission and the European Central Bank saying about these new methods that exclude large parts of the society? Many Greeks still use the older smart phones and even if they purchase those with NFC you think they will be able to make use of the new withdrawal system? Or should they follow the instructions of the National Bank who recently cheeky advised elderly and pensioners on Lesvos to make use of e-banking and if they can’t to “get your grandchildren to help you.”
And how about the personal data protection for those who do not want to have their bank card data on open apps like Apple or Google stores etc?
POLL – what do you think?
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A step too far – cash must stay and the banks have to support our access to it thru ATMs.
So I have to go and buy a smart phone just to get some cash from my account. Can we still go to the bank and get cash?
I don’t want bank info on my phone
So Apple or Google get your face or fingerprint id, your name and other personal data, your phonenumber, and get data concerning your financial transactions. It is non of their business.
What could possibly go wrong, next to the terrible social exclusion?
The EU is constantly protesting the transfer of the data of European citizens to American tech companies.
People should take their money out of these banks.
Currently, I don’t have or need a smartphone but organisations such as banks are eventually going to force me to buy one, just so that I can access my own money, unless I decide to go into a bank with my bank book and passport to prove who I am..
We have no say in the matter.When they say jump we have to ask “how high”!
Unbelievable !!
This is complete and Unbelievable discrimination against most members of society .
Yet again one rule for them and Another for us .
Unbelievable !!
This is a form of Racial Discrimination
Luckily there are now Euronet ATMs everywhere that allow you to withdraw money with no commission, even with foreign bank cards. If Greek banks try to scrap the card withdrawal they will witness people moving to use Euronet ATMs.
I DEFINITELY WILL! BIOINFO WILL TRACK US ALL THE TIME & MY PERSONAL INFO IS NOT FOR APPLE & GOOGLE!!! One step closer to TOTAL CONTROL & NO PRIVACY like Trump is trying to do in America- one of the reasons we are leaving to return home to Greece!!! Democracy doesn’t do this-discrimiation & forced phone purchase & personal tracking is NOT freedom…I was in Greece in 73 & 74 during the junta. This is familiar & unwanted.
They might have free translation fee, but very very often on cards from other countries the conversion fee is ridiculously high
Example in Danish Krones
Regarly atm( banks )
1 D Kr is 7.62 average
Euronet
1 D Kr is 8.02 average
I do not want any bank information on my mobile phone. The phone for me is to call and sms. Oh yes, and whatsApp for family contact abroad.
The game that banks and governments are playing is ultimately to stop cash from existing, in order to cut costs (in the case of banks) and to collect more taxes (in the case of governments). Neither has the slightest interest in what consumers/citizens want, and they need to be taught a lesson. I am already sick to the back teeth of Piraeus Bank, which has deteriorated from possibly the best Greek bank some 20 years ago, to what is now one of the worst. They have caused me no end of trouble on several occasions — including loss of my wallet, cards and passport (I was actually insured with them, and still they refused to reissue my credit cards after a detailed police report: 3 months of fighting with them; and blocking a large bank transfer to purchase property, and giving no acceptable reason for blocking the payment. (It took the lawyer for the seller, with a contact in Piraeus Bank, to discover that it was their stupid AI computer blocking me, and it could not be over-ridden.)
Basically, banks that have no respect for their customers should be boycotted: I will definitely change bank, if they dare to start this nonsense with mobile phones to get cash.
As well as the valid issues raised by KTG and commenters, think about how stupid total digitisation is when power blackouts occur like in Spain and Portugal last month. Also, climate driven disasters causing power outages across whole regions is entirely likely in the years to come. I live on Ithaki and cyclone Ianos knocked out the electricity system for 8 days because the actual pylons were downed as well as junction boxes destroyed. This kind of damage can’t be fixed overnight so without cash people are extremely vulnerable. Some Scandinavian countries which moved towards a cashless society years ahead of Greece have now back tracked and told their citizens to also have cash on hand and are requiring businesses to also accept cash so it remains in circulation. They also cite the increasing risks of sabotage attacks on the electronic banking system from hostile governments. But of course, Greece loves to take bad ideas and run with them and I doubt there will be any recognition of all the draw backs of a cashless system or lessons learned from our northern neighbours.
I am in total agreement with your comment! And whereas the Scandinavian countries, who foolishly were the first to marginalise the use of cash, are now the first to recognise the dangers of reliance on electronic transactions — where are the European Central Bank, the European Commission, and the useless national governments of Europe? The ECB has nothing to say, but continues to push for the abolition of cash. The UK is highly vulnerable, and its incompetent government has nothing to say. I assume that at least Spain and Portugal will oppose the move towards cashless economies.
Without cash how are we to conduct small, day to day transactions? Should every citizen carry a card reader to pay for that kilo of tomatoes from your local farmer? Oh, sorry, he doesn’t have electricity in the middle of his field which is 2 km from his house.
As has been said, the big institutions care not a jot what the general public want or need.
But, as one sagacious person said many years ago ” If your right to vote had any real power, you wouldn’t possess it”
hold on there, pal!! what business do you and a farmer have buying and selling black market tomatoes off in some field somewhere?? Those tomatoes should _only_ be getting shipped to a wholesaler who will send them
off to Germany, while Spanish or Moroccan tomatoes get bulk-shipped to the MegaCorpMart near you!! Locals transacting business directly is probably funding terrorism or something!!! get with the programme!!