FIS Cardless Cash is the first mobile ATM solution in India that avoids the plastic debit card. This technology is a revolutionary capability that allows consumers with a mobile banking app to withdraw money from the ATM. FIS Cardless Cash is enabled through integration with mobile banking. The feature is deployed to ATMs through a simple software installation, enabling rapid deployment for financial institutions of any size without the overhead of costly hardware investments.
The solution is also specifically designed to be embedded in any bank’s mobile banking application. This natural extension of mobile banking capabilities provides a seamless experience for users, and keeps a bank’s brand experience front and center. Customers can “order” cash from their smartphones and proceed to the nearest ATM, cutting down transaction time at the ATM. Customers also receive an electronic receipt of the transaction on their phone, eliminating the hassle of paper receipts.
Traditionally, we use a debit card and a PIN to withdraw cash at ATMs. With FIS Cardless Cash, the need for a debit card is eliminated, as all operations take place on the mobile screen and only the last mile “delivery” of cash happens at the ATM. A user has to select the Cardless Cash option on his mobile banking and preorder the cash that he needs. He can use the location services of the app to find the nearest ATM with Cardless Cash option.
Once he is at the ATM, he selects the mobile option on the ATM screen. The ATM displays a tokenised QR code that needs to be scanned by the user on his mobile banking app. The app will rapidly recognise the code, communicate with the cloud and complete the transaction. Cash, as ordered on the app, is dispensed at the ATM. An electronic receipt is displayed on the app, eliminating the need for a paper receipt.
Theft of debit card data is top of mind for consumers and ATM skimming has been on the rise. The banking app acts as the remote control for the ATM from the privacy of the customer’s own smartphone. Account information is always current, and it is more secure than a plastic card, as it never expires and can be reissued or replaced instantly.
