A credit union service organisation has developed a cardless cash access feature for ATMs.
Cardless Cash Access, launched this week by technology provider Co-op Financial Services, will allow members to draw cash from the ATM by using their phones, rather than a card.
Credit unions working with Co-op Financial Services can add the feature to their own mobile banking apps. Members can then log in to the app and withdraw cash from an ATM by selecting the cardless access option on the ATM screen. The account holder then scans the QR code with the mobile app and, once authentication is complete, the cash is dispensed.
“As with most iterative technology, the ATM channel continues to evolve alongside user expectations,” said Todd Clark, president and chief executive of Co-op Financial Services. “One of the most significant ways the ATM improves is through integration with other technology, whether that’s back-office data and reporting tools or consumer-facing UX software.
“Seamlessly connecting the ATM to the smart devices consumers rarely leave home without is a continuation of this progress. It’s something we know credit union members, especially those who are highly mobile and technology savvy, are going to love.”
In April, a quarterly survey by fintech Fiserv Inc revealed that more than a third of US consumers and more than half of millennials found the idea of cardless cash solutions for ATM withdrawals appealing. The survey, Expectations & Experiences: Household Finances, shows that only 7% of these currently use cardless cash access.
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