The Paydiant solution is expected to enable PULSE financial institution and merchant partners to deploy contactless payment and cash access functionalities for mobile users. Paydiants mobile wallet platform is software-based and works with both new and existing smartphones – including iPhone and Android devices. It also works with existing point-of-sale (POS) terminals used by participating merchants today without requiring new hardware.The Paydiant solution featured a software-only merchant acceptance interface that can be deployed on POS or payment terminals. Once enabled, this open acceptance method can support compatible Paydiant-powered mobile wallet – whether deployed by a financial institution, retailer or third-party service provider.
The Paydiant offering also offers to PULSE participants a white label mobile wallet application that is branded and configured by the wallet issuer, rather than a third party. Financial institutions and merchants are set to be able to determine the variety of payment instruments supported in their wallet, enable customers to redeem offers at a retail POS and use their mobile wallet to make payments at a retailer, or withdraw cash from a participating ATM.
In recent news, US-based automated teller machine (ATM) provider Diebold has closed an agreement with Paydiant to enable consumers to use their smartphones, instead of their debit or credit cards, to withdraw cash from ATMs.
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