Singaporeans Can Now Withdraw Government Payouts From OCBC ATMs With GovCashby Fintech News Singapore February 22, 2022
The Central Provident Fund Board (CPF) has collaborated with OCBC and GovTech to launch the GovCash which replaces cheque issuance for Singaporeans who are unable to use direct bank crediting.
This will allow them to receive government payouts more quickly and conveniently.
According to CPF, up to 40,000 Singaporeans will be spared from queueing at bank branches to encash some 500,000 cheques annually.
With GovCash, Singaporeans can withdraw the government payouts in cash starting with over 500 OCBC ATMs located across the country.
GovCash has adopted the Singpass facial verification technology to authenticate users, including a liveness-detection capability that blocks the use of photographs, videos or masks during the verification process.
Meanwhile, those who prefer to seek assistance with their GovCash withdrawals can visit the ATMs located within OCBC’s branches during operating hours, where the bank’s digital ambassadors will be present to guide them.
Singaporeans do not need to have an OCBC bank account to use the GovCash service.
In addition to that, GovCash also allows recipients to use the scan-and-pay function and PayNow transfer option through the LifeSG mobile app.
The CPF Board said that it will continue to explore alternatives to provide more convenient and safe services to its customers.
The majority of citizens who made withdrawals using GovCash during the pilot phase in December 2021 gave positive feedback on the service.
Melvyn Low, Head, Global Transaction Banking, OCBC Bank said,
“Being able to receive Government payments instantly is a key benefit for Singaporeans. This is enabled by the convenience of self-service withdrawals from ATMs in a secure manner.
We are pleased to support the CPF Board in their mission to continually improve the service experience for Singaporeans through initiatives like GovCash, which takes us one step closer to the Smart Nation vision of serving citizens and businesses better through technology.”
Featured image: Edited from Unsplash