Coins and bank notes aren’t going away any time soon, but that doesn’t mean online payments companies can’t get cash in. That’s highlighted by the new partnership announced between US digital payments giant PayPal and banking technology firm FIS to provide cardless cash. The firms are announcing that their whitelabel solution for banks to integrate into their mobile apps lets customers “order” cash from their nearest ATM at the touch of a smartphone from more than 2,000 locations in the US from today.
PayPal is powering the service through its Paydiant division, a company it bought last April. FIS announced its Cardless Cash solution last year and Paydiant co-founder Chris Gardner says the solution has already processed “millions” of dollars since January last year. Participating banks include Avidia, BMO Harris and Wintrust who are letting their customers withdraw cash from ATMs using just their mobile phones. Popular Community Bank and Oriental Bank are among the banks deploying cardless cash through the service this year.
The advantage for banks is that they can offer cardless cash without needing to upgrade their ATM infrastructure. One advantage for consumers touted by FIS is security: minimising the risk of cards getting skimmed at the ATM.
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