Korean banks let consumers make ATM cash withdrawals using QR codes

Consumers in Korea can now make cash withdrawals and deposits at ATMs by scanning a QR code with their Apple or Android smartphone rather than needing to use a physical bank card.

The service launched by the Bank of Korea is being made available by 17 banks including Shinhan Bank, KB Kookmin Bank, Hana Bank, Woori Bank and NH Nonghyup Bank.

The Bank of Korea also plans to expand the service to mobile banking apps, payment platform apps, microfinancing institutions and ATM operators.