Consumers can now use their smartphones, instead of their debit or credit cards, to withdraw cash from automated teller machines (ATMs). Enabled by a partnership between Diebold (NYSE: DBD) and mobile wallet provider Paydiant,
The cardless Mobile Cash Access (MCA) solution allows financial institutions to provide a mobile wallet solution without installing additional hardware on ATMs or point-of-sale (POS) terminals. Additionally, Diebold’s cardless solution eliminates the threat of card skimming at the ATM. Wintrust Financial Corporation is piloting this solution in partnership with US banking and payments technology company FIS, Paydiant and Diebold.
At the ATM, consumers authenticate themselves by scanning a unique QR code that signals the ATM to dispense cash via an encrypted connection to the cloud.
In recent news, Diebold has introduced its Concierge Video Services to all financial institutions in North America.
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