menu

ATMs Allow Cash Withdrawal With Just A Smartphone App

ATMs Allow Cash Withdrawal With Just A Smartphone App
Advertising

Cardless Cash Access is an app from financial services provider FIS that allows cash withdrawal without a debit card.

Kristen Nozell
  • 11 october 2013

Financial services provider FIS has announced that card-less ATM transactions will be a reality in the not-so-distant future, with their ‘Cardless Cash Access‘ application. The mobile app has already had successful trial runs with three small banks: Wintrust in Illinois, BMO Harris in Chicago and City National in Los Angeles. Given the promising results, the banks plan to roll out the feature over the course of 2014, and other financial institutions are showing interest as well.

Rather than using a debit card to withdraw cash, users are be able to ‘order’ cash from an ATM up to 24 hours in advance. At the ATM, the machine only dispenses the cash once the user scans a code on the ATM screen, upon which cash is dispensed and a digital receipt is sent to the mobile device. As of now, Cardless Cash Access is a standalone mobile app, but FIS has plans to integrate it with Mobile Banking by 2014.

According to the case study, presented by Javelin Strategy & Research, benefits of the application include security, convenience and speed. Security may not be an intuitive benefit, but the pilot program revealed that the app-powered transaction is actually more secure, as traditional ‘skimming’ tactics used by thieves would be impossible given that the pin is not entered while at the machine. Smartphone users also usually have a security code to access the phone, which the thief would need to hack in addition to the pin needed within the app. Finally, detecting a lost or stolen phone would likely happen more quickly than detecting a missing card. Regarding speed, the cardless withdrawals averaged just eight to nine seconds, compared to the thirty or forty seconds required for a traditional transaction.

The primary potential concern is connectivity. Currently, the app requires a network connection to function, which could prove problematic in some areas. As such, FIS recommends installing signal boosters or WiFi at the ATMs to insure functionality.

FIS – Cardless Cash Access Case Study

Advertising
Trending

Japanese Face Wash Creates A Perfect Rose Every Time

Arts & Culture
Work Today

PSFK’s Workplace Vision: The Desk Is Transformed Into Dynamic System Of Satellite Workstations

Our Future of Work vision is an app that frees employees from the tyranny of a static desk

Work Today

Editorial Roundtable: What A People-First Workplace Must Prioritize First

Managed By Q, Soma, Workbar, Primary, AltSchool and thinkPARALLAX on why employee fulfillment is a journey and not a destination

Trending

Get PSFK's Latest Report: Future of Retail: Technology Primer

See All
Food Today

A Tiny Amount Of This Powder Could Block All The Bitterness In Food

A new substance made from mushrooms can bond with taste receptors on your tongue to overcome unpleasant flavors

Asia Today

Whimsical Dental Clinic Design Aims To Calm Patient Fears

Cheerful colors and a nod to the comforts of home are design elements tactfully aimed to help people relax

PURPLELIST EXPERTS

Eric Lima

Open Source Professor

Mobile Today

Messenger Service Only Delivers You Updates Three Times A Day

Formal is a new app designed to help people ignore the constant stream of texts from their phone and focus on what's in front of them

Design Today

Movable Vacation House Constructed Using Concrete Boxes

The 4,000 square foot building is made up of modular frames so it can be relocated if needed due to coastline erosion

Design Today

Redesigned Electric Fan Collapses For Easy Storage

Conbox can be kept in pieces and packed away when not in use

PSFK LABS REPORT

Future Of Work
Cultivating The Next Generation Of Leaders
NEW

PSFK Op-Ed august 24, 2016

Why Building Better Offices Is The Key To Employee Engagement

Interaction Designer and Audio-visual Technologist at ESI Design illustrates the value in creating environments filled with surprise and delight

PSFK Labs august 25, 2016

PSFK’s Workplace Vision: How The Nurturing Of Seeds Will Come To Define The Onboarding Process

Our Future of Work vision is a service that allows companies to assemble and deliver welcome packets that are uniquely focused on the concept of growth

Ai Today

LawyerBot Is Now Helping Homeless People Qualify For Government Housing

This robot helps people get out of parking tickets and provides free legal advice to those in need

Travel Today

This Head Hammock Promises The Best Sleep You’ll Ever Get While Traveling

NodPod holds your neck and back perpendicular, hopefully putting an end to sleepless and uncomfortable journeys

Mobile august 26, 2016

Get A Better Idea Of How You Are Wasting Your Time

The TouchTime app is trying to revolutionize personal task management by providing detailed insight on how to be more efficient

Culture august 26, 2016

London Telephone Box Repurposed As A Tiny Mobile Repair Shop

Tools and supplies to replace broken screens or damage are neatly stowed away in these micro-workrooms

Design august 26, 2016

Conceptual Sportswear Created Out Of Futuristic Condom Material

A Dutch fashion designer is experimenting with new methods and fabrics to make high performance clothing

INSIGHTS COVERAGE

Rio Olympics
Innovation Coverage From The Rio Games
READ NOW

Fashion august 26, 2016

Fashionable Tassel Will Ensure You Never Lose Your Valuables Again

The device is fashion meets connected tech, that will help you keep track of your belongings at all times

Syndicated august 26, 2016

Would You Wear Wool Shoes To Save The Environment?

As demand for wool shoes grows, a number of US footwear brands are heading directly to the source: the sheep pastures of New Zealand

No search results found.