Digital Banking

PayPal Powers Cardless Cash For 28 Banks – And Counting

Mobile Banking Cardless Cash

As much as digital payments players don’t want to admit it, cash is still king and consumers still use and want it.

And a new FIS Solution, powered by PayPal, brings the best of both worlds so that digitally driven consumers can have their cash, and a digital experience, too.
FIS Cardless Cash debuted in 2015 and is officially rolling out to 28 banks, starting today (Feb. 11).

What that means is that more than 35 million consumers of those participating banks can use their mobile banking app – on their mobile phones –  to withdraw money from ATMs. A few of the banks that support the solution are: BMO Harris, Wintrust, WSFS and Avidia Bank. And many more banks across the country are deploying Cardless Cash in 2016, including Banco Popular.

PayPal shared that the ongoing collaboration has enabled the delivery of cardless cash ATM access in more than 2,000 U.S. locations today through FIS Cardless Cash.
And, the solution can be deployed by banks without needing to make costly hardware investments.

“The collaboration with FIS – one of the world’s largest providers of technology to banks – allows us to offer a solution that enables any bank to build cardless cash access into their own mobile banking apps on both iOS and Android and without needing to upgrade all of their ATM machines,” Paydiant Chief Product Officer Chris Gardner wrote in a blog post.

Doug Brown, SVP and GM of Mobile at FIS, explains that Cardless Cash has securely processed millions of dollars in withdrawals for hundreds of thousands of consumers across the U.S. since January 2015.

“We are merging mobile banking with the capability of doing the transaction at the ATM,” Brown told MPD CEO Karen Webster in a recent interview.

Cardless Cash customers can also set up their ATM transaction details long before they ever step foot near the ATM, including how much they want to withdraw. Those “instructions” credentials are all stored in the cloud – and importantly off the phone. When that customer has the urge to withdraw cash, that customer simply walks up to the ATM and scans the QR code on the mobile banking app and away they go – 10 to 15 seconds later.

“Consumers are looking for experiences that match their increasingly mobile lifestyle with unprecedented expectations of better security,” Brown said. “Cardless Cash is exceeding their demands for speed, simplicity and security.”

Without needing a PIN – and without needing a card. All of the necessary security features, settings and credentials are done prior to visiting to the ATM when initially set up through the mobile banking app.

“Because we are using phone and mobile banking authentication, each customer is registered uniquely,” Brown emphasized. “Really the phone has become our remote control in everything that is going on with the transaction with the ATM.”

From the consumer side, this means faster transactions at the ATM, added security and peace of mind that no card credentials are being left behind. And from the banking side, it means the opportunity to drive engagement, and usage of the mobile banking app – which is not only a win for the consumer but for the bank since it creates more efficiencies for the bank itself.

“We have a desire at PayPal to give people access to their money and make it easier for them to buy when and where they want, and FIS Cardless Cash delivers on that promise while being champions of security, consumer protection and innovation,” said Chris Gardner, chief product officer at Paydiant.

And so far, that’s been the outcome. FIS says that Cardless Cash has already shown an uptick in the number of  bank customers using the product as well as the number being driven toward using mobile banking. For PayPal, it’s a strong affirmation of its desire to partner with banks and power “new money” experiences for their customers.

“When there’s a better way, that’s a problem worth solving,” Brown remarked.


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