PayPal subsidiary, Paydiant, has launched a new system which allows users to withdraw contactless cash via their smartphone at more than 70,000 US ATMs.
The collaboration with FIS and Payment Alliance International (PAI), using Paydiant technology, allows customers to order cash via a mobile wallet app which then generates a Quick Response (QR) code for the customer to use at the ATM. The user then receives an electronic receipt on their smartphone.
Chris Gardner, chief product officer at Paydiant, wrote in a PayPal blog: “We’re thrilled to now be delivering this patented Cardless Cash approach to PAI’s existing network of 70,000 ATMs — without upgrading the ATM machine hardware.
“Eligible mobile banking users of participating banks will now be able to securely access their cash at these ATMs both on iOS and Android mobile devices at any time.”
This agreement makes NYCE the first national payment network to support mobile phone-to-ATM transactions, a system which is designed to reducing the risk of card skimming and ‘shoulder surfing’.
Anthony Jabbour, chief operating officer of Banking and Payments at FIS, added: “Our partnership with PAI extends FIS’ leadership to the largest Cardless Cash ecosystem, and will benefit both banks and their customers.
“Our Cardless Cash product combines innovation and efficiency with consumer convenience and security. For banks, it’s a new revenue source and this widespread network should facilitate customer adoption.”
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