As more and more Americans are turning to mobile for their payment needs, companies are certainly trying to capitalise on this fintech shift. FIS, the company that avoids using a plastic card at the ATM to withdraw funds, is expanding its Cardless ATM service through a new partnership with CO-OP Financial Services.
CO-OP provides members of participating credit unions with surcharge-free access to accounts through its nationwide ATM network. It will add FIS Cardless Cash to its menu of CO-OP ATM Terminal Driving services, with a pilot expected to launch in the first quarter of 2017.
“Cardless Cash combines innovation, efficiency, convenience and security to create both a valuable end-user service and a new revenue source for financial institutions,” said Anthony Jabbour, chief operating officer, Banking & Payments, FIS. “This partnership extends FIS’ leadership as one of the largest Cardless Cash ecosystems and will further drive end-user adoption of the capability.”
FIS, which has already worked with PayPal on cardless ATMs says going cardless at ATMs reduces the risk of card skimming and shoulder surfing, a practice whereby someone sees sensitive financial information simply by looking over the shoulder of the information holder, which the company says is on the rise. The Cardless ATM services uses Apple’s Touch ID service.
The mobile banking app acts as a remote control for the ATM and customers using FIS Cardless Cash can complete their withdrawals in 10 seconds and get an electronic receipt on their smartphone.
Douglas Brown, SVP and GM of FIS Mobile said: “We want to make mobile-centric access to cash a ubiquitous experience.”
It’s no secret that customers increasingly prefer to use mobile banking apps to manage their cash ‘on-the-go’ over online banking.
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