PayPal is expanding its relationship with FIS, helping to power cardless cash for more consumers across the U.S.
FIS utilizes Paydiant technology to allow consumers of participating banks to use the mobile banking app on their mobile phones to withdraw money from ATMs, eliminating the need for the traditional ATM card.
Recently, FIS announced that through a new partnership with Payment Alliance International, its Cardless Cash ATM technology will be expanded to reach more than 72,000 ATM locations across the U.S.
In a blog post, Chris Gardner, Chief Product Officer at Paydiant, said that over the past year Paydiant’s collaboration with FIS has resulted in millions of dollars in withdrawals being processed and hundreds of thousands of transactions in the U.S.
“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,” he added.
“This new collaboration between FIS and PAI is another way in which the Paydiant team is working to contribute to PayPal’s vision of providing consumers and businesses with easy and secure ways to transact in-store, in-app, or online anytime they want.”
Without needing a PIN – and without needing a card. All of the necessary security features, settings and credentials are done prior to visiting the ATM when initially set up through the mobile banking app.
Cardless Cash customers can set up their ATM transaction details and 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.
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 also for the bank since it creates more efficiencies for the bank itself.