The solution enables consumers to use their smartphones, instead of their debit or credit cards, to withdraw cash from ATMs. The solution is software-only and can be deployed without installing additional hardware on ATMs.
The Paydiant solution enables the user to get cash by scanning a QR code displayed on the ATM with their smartphone.
As described in the patent, an ATM code or token is obtained by a mobile device and used to associate an end user and their payment accounts to a transaction at an ATM. Users can pre-stage cash withdrawals on their smartphone and then identify themselves at the ATM by scanning the transaction specific QR code that signals the ATM to dispense cash via an encrypted connection to the cloud.
In October 2013, Paydiant was selected by CU Wallet, a collaborative credit union owned and directed mobile payments technology provider, to power its credit-union centric mobile wallet offering.
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