PayPal And FIS Collaborate To Empower Cardless ATMs

First Posted: Aug 26, 2016 08:56 AM EDT

The Fidelity Information Services (FIS) and Payment Alliance International beget a more convenient way to access ATMs. This is through the Cardless Cash; wherein mobile banking users can access their ATMs via their mobile devices in thousands of U.S. locations. The Cardless cash ATM technology will be available at over 72,000 ATM locations across the United States.

In the Cardless Cash, the bank could give the consumers the opportunity to use their phone while accessing in-person banking sessions. It also improves efficiency and resolving difficulties linked with branch banking.

Cardless ATMs 101: https://t.co/gzIHgo6aTz (via @MoneyTipsSocial) @AvidiaBank @BMOHarrisBank @Wintrust @SalemFive pic.twitter.com/CwgvhTd2qP

— FIS (@FISGlobal) August 25, 2016

Cardless ATMs 101 https://t.co/IXPlq0lj4n #Banking #Checking_amp_Savings_Accounts pic.twitter.com/NtQSThtrej — Melissa Pedersen (@MelissaPederse) August 25, 2016

One of its greatest features is that it doesn't require for ATM hardware. The bank can build it into their own mobile banking apps. This delivers low expenditures for the banks as ATM hardware is potentially expensive and time-consuming process. Cardless Cash could also aid in reducing ATM fraud, which continually rises every year,according to Business Insider.

PayPal stated that they are thrilled to now be delivering this patented Cardless Cash approach to PAI's existing networks of 70,000 ATMs---without upgrading the ATM machine hardware. They further stated that eligible mobile banking users of participating banks will now be able to securely access their cash at these ATMs both on iOS and Android mobile devices at any time.

Currently, the Cardless Cash is used by over 30 banks in the U.S. These involve Salem Five, BMO Harris, WSFS, Wintrust, PAI and Avidia Bank, among others. This joint effort of FIS and PAI is another way in which the Paydiant team is working to subsidize the PayPal's vision, which is providing consumers and businesses with easy transactions in- store, in-app or online anytime they want.