Paydiant, a provider of white-label mobile payments and other payment services, has received a patent from the U.S. patent and Trademark Office for a system that allows a user to conduct ATM transactions with their smartphone.
The system works by scanning a QR code displayed on the ATM screen with a smartphone. After doing so, the user can make deposits, withdrawals or conduct other transactions. This process eliminates the need to both swipe a card or enter a PIN number.
“As mobile technology proliferates, banks are looking for new ways to leverage that touchpoint with their customers – and it goes way beyond making payments,” Paydiant co-founder Kevin Laracey said in a statement. “This patent describes a more convenient and secure way for consumers to conduct a very common interaction with their banks. It adds value for the consumer, extends the bank’s relationship with their customers and encourages customer loyalty. That’s the real opportunity in mobile.”
A recent report indicated that ATM growth worldwide is expected to surge between now and 2018. Learn more about this study by clicking here.
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