(Yicai Global) Sept. 5 -- In order to keep up with the rapidly-growing online payment sector, China's Bank of Lanzhou Co. has kicked off QR code withdrawals at automated teller machines, or ATMs, the institute said on social media on Sept. 4.
Customers will no longer need to carry their bank cards to withdraw cash from ATMs, the firm said. The machine will generate a QR code for users to scan with Tencent Holding Ltd.'s [HKG:0700] WeChat or Alibaba Group Holding Ltd.'s [NYSE:BABA] Alipay. The ATM will then deduct the money from their e-wallet or debit card and dispense cash.
All Bank of Lanzhou ATMs support QR code withdrawals, the firm said. A withdrawal limit of CNY5,000 (USD764) will be in place and total drawings in one day may not exceed CNY20,000.
However, QR code withdrawals cost a 0.3-percent fee and don't support withdrawals from Yuebao, Money HD, or credit cards.