atm and no card? no problem!
Cardless Cash & ATMs No Longer an OxymoronThe digital revolution has brought us mobile payments,
which enable us to order items online or pay for them in the store with just a
wave of our mobile phone. But cash is still a prevalent means of payment and
with ATMs at almost every corner, it's far from an inconvenience. Still, ATMs
require you to have your card with you, don’t they? Well, not anymore! Welcome
to the world of cardless cash withdrawal.
In short, CCW provides customers with an
on-demand unique code that they can then enter into an ATM and withdraw cash
without the need for a card. Apart from this, the ATM experience is the same as
usual, with daily withdrawal limits still applying and without additional
charges.
Of course, not all banks offer this service and
not all ATMs are equipped for it, so it's very important that customers both
check which CCW apps are available and if they work on their device.
Security
Banks will impose a time limit on the code's
validity as an added security measure. This time limit can vary but after it
expires, the code becomes invalid and the customer has to request a new one.
Customers are encouraged to protect their online
banking details and never share their account passwords. Customers monitoring
their accounts for suspicious activities is now also advisable.
WHAT DOES CARDLESS CASH BRING TO THE TABLE
One word: convenience. When traveling to places
where mobile payments are still rare or just in cases of emergency, you do not
need to worry about misplacing your ATM card or leaving your wallet at home, in
the car or in your hotel room.
For ease of use, some CCW apps allow customers to
share their code with friends or family by sending it to their mobile phone.
The apps also allow customers control over how much they withdraw using the
code - giving a person your ATM card and PIN allows them repeated access, but
CCW is a one-use affair.
And the Drawbacks
CCW currently has limited availability, but this is expected to change as more and more banks realize the benefits CCW provides their customers, increasing their satisfaction.
Another drawback is the reliance on the ability of the CCW app to access the Internet and the ATM network - without it, there is no way to request the code.
Mercury Processing Services International's Cardless Cash
Mercury Processing Services International is now offering CCW to users of their
wallet application (WA). CCW will be enabled for all debit payment products
enrolled in the WA. The service for physical and virtual credit cards enrolled
in WA will be made available once tokenization is implemented. It will be
available across both Android and iOS platforms. All non-payment products, like
loyalty cards, are excluded from the CCW service.
Mercury Processing Services International is also offering an integrated issuer wallet that combines HCE contactless payments, transaction overview, CCW and more. Issuers can also integrate CCW into their mobile banking solution using Mercury Processing Services International APIs.
The WA will offer predefined cash disbursement amounts, with custom amounts disabled due to security concerns and it being impossible to determine if a customer's chosen ATM will have the custom requested amount of cash. The WA will issue the customer a mcode, which they can then enter at the ATM after selecting the WA icon on the ATM screen.
The WA will also allow customers to send their mcode to another person via SMS or e-mail, enabling nationwide money transfer.
While this transaction will not generate a paper receipt from the ATM, the WA does notify the customer each time an mcode is utilized and provides them with transaction details.
The validity of the mcode the application will issue will be configurable by the issuing bank as a means of risk management. Also, CCW will not be available on ATMs running on slow connections or those running Auriga applications.