Core Viewpoint - The banking industry is tightening control over cashless transactions, leading to a significant reduction in cardless cash services across multiple banks [1][3]. Group 1: Bank Policy Changes - China Merchants Bank announced it will stop ATM QR code deposit services starting April 9, 2025, to enhance customer safety and convenience [2]. - Over 30 banks, including major state-owned and joint-stock banks, have adjusted or closed cardless cash services in the past year, indicating a broader trend in the industry [3]. Group 2: Risk Management and Cost Considerations - The tightening of cardless cash services is primarily driven by financial risk concerns, as these services can lead to potential financial risks for banks [3]. - The operational costs associated with maintaining ATM systems and managing cardless cash services are also a factor in the decision to scale back these offerings [3]. Group 3: Customer Reactions and Usage Patterns - Customer responses to the cancellation of cardless services are mixed; while some prefer the convenience of QR code transactions, many still opt for traditional card usage [4]. - The demographic using ATM services tends to be older individuals who are more accustomed to using physical cards, indicating a potential gap in service adaptation among different age groups [6]. Group 4: Security Concerns - Experts highlight that the security of QR code deposits is relatively low, contributing to the decision to discontinue cardless cash services [4][5]. - The potential for identity verification issues and the risk of money laundering are significant concerns that banks must address in their cash handling processes [6].

Core Viewpoint - Several banks in China are discontinuing cardless deposit and withdrawal services, indicating a shift towards more secure and efficient banking methods as technology evolves [1][3][5]. Group 1: Bank Actions - China Merchants Bank announced it will stop ATM QR code deposit services starting April 9, 2025 [1]. - Major state-owned banks, including Industrial and Commercial Bank of China and Bank of Communications, have already suspended various cardless withdrawal services since 2023 [3]. - Smaller banks, such as Qixia Rural Commercial Bank and Laizhou Rural Commercial Bank, have also begun to phase out cardless withdrawal functionalities as of December 1, 2023 [4]. Group 2: Technology and User Behavior - The rise of mobile banking and QR code payments has led to a decline in the usage of ATM QR code deposit functions, which are now seen as less convenient compared to newer technologies like facial recognition [5][7]. - Analysts suggest that the majority of ATM users are older individuals who prefer traditional card-based transactions, indicating a potential gap in user adoption for newer technologies [7]. Group 3: Security Concerns - Experts highlight security risks associated with cardless transactions, such as the inability to verify the identity of depositors and potential vulnerabilities in confirming the relationship between the payer and payee [7]. - The discontinuation of cardless services is viewed as a necessary step to enhance the security of banking operations and to comply with regulations aimed at preventing money laundering [7].