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A few days ago, China Guangfa Bank announced that it will stop the ATM QR code deposit function from September 3. Since August, in addition to China Guangfa Bank, China Construction Bank and Bank of China have also issued similar announcements, and some branches of China Merchants Bank have also closed related functions. Industry insiders believe that this function adjustment is mainly to implement regulatory requirements and protect the safety of customers’ funds.
ATM QR code deposit function is limited
The announcement shows that the ATM QR code deposit function of China Construction Bank, Bank of China, and China Guangfa Bank has been closed on August 19, August 29, and September 3, respectively. A reporter from China Securities Journal recently visited the above-mentioned three bank outlets and found that the ATM machine has been unable to find the function of QR code deposit.
According to industry insiders, the operation process of the ATM QR code deposit function of various banks is similar. The user clicks the QR code deposit function on the ATM machine, logs in to mobile banking, scans the QR code, selects the deposit account, enters the password, and deposits cash at the ATM machine. That’s it, this function is more convenient for customers who forget to bring their bank card.
After the ATM QR code deposit function was closed, China Construction Bank stated that users can hold the bank’s bank card, choose the no-card no-discount deposit service, or activate the “swipe face” service function to handle ATM deposit business. Bank of China and Guangfa Bank stated that users can hold bank cards for ATM deposits or go to business outlets for deposit business.
Recently, some bank branches have closed this function one after another. On August 26, China Merchants Bank Tangshan Branch announced that due to business adjustments, from August 26, the ATM QR code deposit function of Qian’an Sub-branch will be closed, and the ATM QR code deposit function of other branches can be used normally.
However, after the cancellation of the ATM QR code deposit function, some banks such as China Construction Bank and Bank of China still retain the ATM QR code withdrawal function, and the operation process is similar to the QR code deposit process. In addition, in terms of cardless withdrawals, many banks also support appointment withdrawals through mobile banking.
Safeguard client funds
According to industry analysts, banks have successively closed the ATM QR code deposit function, mainly to implement regulatory requirements and protect the safety of customers’ funds. The Bank of China customer service responded that in order to prevent telecom fraud and money laundering risks, users must hold a card to conduct transactions out of consideration for the safety of customer funds. The customer service of China Construction Bank and China Guangfa Bank responded similarly.
It is understood that as early as the second half of 2019, some banks have successively closed the ATM QR code deposit function or upgraded the function.
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A grass-roots bank employee told reporters that QR code deposits are non-card deposits, which cannot accurately identify customer information and may not fully meet regulatory requirements.
From the user’s point of view, there is also room for optimization and improvement of ATM functions. Dong Yun, deputy director of the Payment and Settlement Research Center of the Institute of Finance, Chinese Academy of Social Sciences, said that with the development of financial technology, the frequency of use of ATM machines has decreased, and the business volume of ATM machines has decreased, which has weakened the improvement of bank efficiency and business expansion. Based on this, some banks have begun to gradually close the ATM QR code deposit function.
Scanning the QR code to deposit and withdraw is relatively cumbersome, and it is also a major feedback that reporters received during their research. Mr. Yu, a customer of a bank, said: “I feel that scanning the code to withdraw money is not very easy to use. It needs to be used in combination with mobile banking. Only after scanning the code for verification with mobile banking can withdraw money. .”
However, in the context of vigorously developing inclusive finance, industry insiders said that ATM machines cannot completely disappear. Dong Yun believes that bank ATMs need to embrace the development of financial technology and use digital technology to transform banks, including application scenarios, business models, business processes, organizational structure and other aspects.
Source: China Securities Network
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