Finance

70,000 ATMs in the U.S Will Soon Allow You to Withdraw Cash with Your Smartphone

Cardless Cash - 70,000 ATMs in the U.S Will Soon Allow You to Withdraw Cash with Your Smartphone

Mobile payments will soon be coming to an estimated 70,000 new ATMs in the United States.

Earlier this year Bank of America (NYSE:BAC) announced that Android Pay, an innovative digital wallet platform developed by Google to power in-app and tap-to-pay purchases on your smartphone, was coming to Bank of America ATMs. Well, now a similar state-of-the-art cardless solution is coming to more ATMs across the United States.

FIS (NYSE: FIS), a mobile solution firm that avoids using a plastic card at the ATM to withdraw funds, and Payment Alliance International (PAI), one of the nation’s largest, privately-held provider of ATM processing and maintenance services, recently unveiled a partnership to bring FIS Cardless Cash access to thousands of ATMs nationwide.

FIS Cardless Cash for ATMs

According to executives at the two firms, FIS Cardless Cash is coming to ATMs located at many of the nation’s largest retailers, gas stations, convenience stores and more, ultimately expanding to a total of 70,000 ATMs in the PAI ATM network. The service will allow you to securely access your funds and authorize the amount you want through your smartphone without inserting a plastic card into an ATM.

“Our clients are always looking for ways to improve their offerings, drive more revenue and surpass customers’ expectations,” said John J. Leehy, III, president and chief executive officer of Payment Alliance International. “This partnership brings the latest in transaction security to the PAI ATM network, while enhancing customer convenience and improving their overall ATM experience.”

“Adding retail ATM locations to our Cardless Cash ecosystem brings the best in convenient access to customers,” said Douglas Brown, SVP and GM of FIS Mobile. “We want to make mobile-centric access to cash a ubiquitous experience.”

How FIS Cardless Cash ATM Transactions Work

FIS Cardless Cash leverages FIS Mobile Banking with TouchID. The mobile banking app “acts as a remote control for the ATM, providing unparalleled privacy and security for consumers.” Transactions are authenticated with a person’s fingerprint via the Touch ID sensor on their iPhone.

Now you don’t have to worry about card skimming in ATM transactions, and shoulder surfing, both of which FIS and PAI say are on the rise at ATMs. Customers using FIS Cardless Cash can complete their withdrawals safely in 10 seconds and get an electronic receipt on their smartphone, the companies say.

With FIS Cardless Cash, simply request a withdrawal on your phone, find the nearest enabled ATM (located with the FIS app) select the mobile payment option on the ATM and remove your cash. No more fumbling through your wallet and inserting a card next time you’re at the ATM. That sounds pretty cool, doesn’t it? Could it be a sign that the end of plastic cards is upon us?

Currently 34 banks in multiple cities across the nation are active on the interoperable platform for banks, ATM operators and networks, providing consumers with safe cardless access to their money anywhere they want it. These banks have successfully processed millions of dollars in cardless ATM transactions since launch, says FIS and Payment Alliance International in their announcement.

The announcement, however, doesn’t mention support for any Android devices (with fingerprint sensors or not). It looks like this is an iPhone-only rollout with Touch ID for now.

[“Source-smallbiztrends”]

About the author

Loknath Das

Powered by themekiller.com anime4online.com animextoon.com