I’m not sure how this all this works, but apparently Israel’s Bank Leumi has launched some kind of an app that allows iPhone users to withdraw cash using an iPhone app. The application comes on the heels of the existing “SMS to ATM” service and is especially designed for the growing number of iUsers in the country.
As I said, I’m not sure how this works – you stand in front of ATM, tap a button and suddenly cash comes out. Am I missing something?
My guess is that the application (and the SMS to ATM service for that matter) enables users to move money from one account to the other and then withdraw money from that other account.
The press release talks about sending some specific code via SMS that would allow getting some money without having to use a magnetic card. That doesn’t sound too secure to me, but what do I know. If you happen to live in Israel and are familiar with this service, I’m eager to hear how it works in real life. Comments form is all yours…