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Withdraw cash without touching the ATM

Wednesday, February 10, 2021

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by Tinesh Bhasin - mint

Since the outbreak of the covid-19 pandemic, some banks have tried to offer contactless cash withdrawals at the ATM. But, it was not entirely contactless. Keeping this in mind, Mastercard has now partnered with AGS Transact Technologies to offer complete contactless cash withdrawal.

All that a user needs to do is scan the quick response code (QR) on the ATM screen using the bank's mobile application. Enter the amount and PIN in the app, and the ATM processes the cash withdrawal.

“As of now, the process was similar. But the customer had to enter the amount in the ATM. We have launched an entirely contactless solution," said Mahesh Patel, group chief technology officer, AGS.

Banks that use the Mastercard network can approach AGS Transact Technologies to implement it for their customers.

The contactless withdrawal not only helps in the time of pandemic, it would also help reduce frauds at ATMs. “When we first started working on the technology around two-two and a half years back, one of the primary reasons to offer cash withdrawal via mobile app was to reduce ATM frauds," said Patel.

AGS Transact Technologies had first started offering the solution with Bank of India (BoI), which was not entirely contactless. A customer had to enter the amount in the ATM machine. But now, they have implemented a complete contactless solution for BoI, too.

“We are now offering it at the bank level, which works only with the specific bank ATM. In addition, it is also available at network level (Mastercard-enabled cards) that can be used at any ATM," said Patel.

To be able to offer complete contactless withdrawal, a bank needs to make some software changes and configure their ATM switches.

According to Patel, they have also demonstrated the technology with National Payments Corporation of India, which is the umbrella organisation for operating retail payment systems in the country.

Click here to read the full article from mint.


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