TouchID ATM access arrives in the US
Smartphone app allows cardless cash withdrawals
Soon, cash withdrawals via automated teller machines can be done using your smartphone. A card-less future of ATM withdrawls is now possible following the partnership between Fidelity Information Services (FIS) and Payment Alliance International (PAI) to bring FIS’ Cardless Cash technology in over 70,000 ATMs, stores, restaurants and malls across the United States.
Under FIS’ Cardless Cash technology, customers use a mobile banking phone app to access their funds and authorise the amount they want to withdraw without inserting a plastic card into an ATM. Transactions are authenticated with a person’s fingerprint via the Touch ID sensor on the customer’s iPhone.
#CardlessCash addresses EMV and security concerns https://t.co/rEAbW1Ig3q (via @The_Green_Sheet) pic.twitter.com/KykKZtWYW7
— FIS (@FISGlobal) July 25, 2016
According to FIS, the mobile banking app acts as a remote control for the ATM. Customers using FIS Cardless Cash can complete their withdrawals in 10 seconds and get an electronic receipt on their smartphone.
“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,” said Anthony Jabbour, chief operating officer, Banking & Payments at FIS.
Security at your fingertips
Aside from making cash withdrawals more convenient, FIS Cardless Cash also protects users by reducing risk of ATM card skimming and shoulder surfing.
“This partnership brings the latest in transaction security to the PAI ATM network while enhancing customer convenience and improving their overall ATM experience,” said John J. Leehy, III, president and chief executive officer of PAI.
The FIS-PAI team up makes the New York Currency Exchange (NYCE) as the first national payment network to support the pioneering mobile phone-to-ATM transactions. Since FIS Cardless Cash technology’s launch in January 2015, 34 banks across the country are active on the interoperable platform.
“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.”
It is not immediately clear when the mobile phone banking app will be operable on Android smartphones or when FIS Cardless Cash technology will be rolled out outside the US.
WATCH: How Cardless Cash technology works
YouTube/FIS
