If you came here to learn a new trick that'd make you rich overnight, we're sorry to disappoint you. Two things - One; you'll still need to have the money in your bank account and two; authenticate yourself at theATM. The good part - you don't have to carry a bunch of credit or debit cards to ATMS anymore for cash withdraw. Your smartphone itself will tell the ATM that it's the authentic 'you', fully allowed to take the cash out. Interesting, isn't it? The technology, called 'Cardless Cash Access', makes it possible to allow people to withdraw money from ATMs faster and with even more safety.
Here's how it works - Users will have to authenticate themselves by first installing a special app on their phone and entering the bank details, the ATM where they wish to withdraw money and also the amount they wish to withdraw. This can be done well in advance - up to 24 hours before they want to access the ATM. The system will generate a special QR code and send it to the user's phone.
Once the user arrives at the ATM, the ATM machine will request the QR code and ask the user to hold their phone's screen in front of the ATM's camera. The ATM machine will authenticate the user using QR code and let them pick the cash. The system will also generate a special electronic receipt so that the need of paper-based receipt is eliminated.
According to FIS - the company behind the technology, Cardless Cash Access system will speed up the ATM operations and also prevent ATM frauds. User's information will be stored in secured cloud servers so that it remains accessible even if the user loses the phone. FIS has already conducted successful pilot projects of the system in three US cities - LA, NY & SF.
Here's how it works - Users will have to authenticate themselves by first installing a special app on their phone and entering the bank details, the ATM where they wish to withdraw money and also the amount they wish to withdraw. This can be done well in advance - up to 24 hours before they want to access the ATM. The system will generate a special QR code and send it to the user's phone.
Once the user arrives at the ATM, the ATM machine will request the QR code and ask the user to hold their phone's screen in front of the ATM's camera. The ATM machine will authenticate the user using QR code and let them pick the cash. The system will also generate a special electronic receipt so that the need of paper-based receipt is eliminated.
According to FIS - the company behind the technology, Cardless Cash Access system will speed up the ATM operations and also prevent ATM frauds. User's information will be stored in secured cloud servers so that it remains accessible even if the user loses the phone. FIS has already conducted successful pilot projects of the system in three US cities - LA, NY & SF.
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