Attention! Massive change coming to cash withdrawals in Hungary

K&H Bank is replacing ATMs from which cash can be withdrawn using a smart device. The financial institution will replace nearly 100 ATMs by the end of the year.

While smart payments are becoming more common for traditional purchases, a card is still required for most ATMs. K&H is adapting to new needs and replacing ATMs with ones that can be used with smartphones and bracelets.

“In K&H’s network of 500 ATMs, there are already dozens of new ATMs with smart devices, where almost all services, including cash withdrawals, are available with the smart device,” Norbert Kováts, K&H’s head of retail network development, told mmonline.hu. He added: “It is important that smart cash withdrawal only works if the so-called NFC function for proximity communication is active, which is the one you use to pay with your phone at the store or at parking machines.”

As a result of the replacement of the ATMs, the old ones will be replaced by more modern ATMs with NFC technology. The bank plans to replace nearly 100 of its ATMs by the end of the year.

In the first six months of this year, K&H’s retail customers have withdrawn nearly 3 million forints worth of cash from the bank’s own ATMs. A good number of these users will soon be able to use the new ATMs.