MasterCard is working on two very transformative technologies. Partnering with Diebold Nixdorf, the payments giant is developing solutions to help banking much easier.
Both companies are working on two services: MasterCard Cash PickUp and Cardless ATM.
MasterCard Cash Pickup is designed to allow ATMs deliver cash to authenticated consumers without the use of an ATM card. With this service, customers, both banked and unbanked, use their mobile phones at a special ATM to convert Cash PickUp order.
On the other hand, Cardless ATM powered by MasterCard is another truly revolutionary service. It allows bank customers to make cash withdrawals from a close by ATM using their bank’s mobile app.
North Canton-based @DieboldNixdorf and @Mastercard might have a solution to the banking and ATM industries' challenge of consumers using less cash and fewer branches and cash machines.https://t.co/au2WBNpMIH pic.twitter.com/tGmQHzP7FT
— Scott Suttell (@ssuttell) June 5, 2018
MasterCard calls the solution secure “since the majority of the transaction is handled through the banking app and the cloud, sensitive information is never exposed.”
By bringing together the MasterCard network and Diebold Nixdorf’s large-scale global scale, we can help move the ATM industry towards a globally scalable standard for driving digital innovation in the ATM channel.– Daniel Goodman, MasterCard Senior Vice President
Both solutions are truly interesting to consider. Both solutions are beneficial to the overall consumer banking experience. They also help the cause for greater financial inclusion in developing countries. This is true, particularly for Cash Pickup.
How can banks tackle the disruption of tech giants like Mint and Alibaba? By increasing their digital relevance and meeting the shift of profit pools: https://t.co/m21QSfCwXC pic.twitter.com/hZHH6CGH6I
— Diebold Nixdorf (@DieboldNixdorf) June 5, 2018
Also, both products help to reduce the overhead banks accrue from running many branches. This push has been evident for years now and more visible over the last one year. Several Nigerian banks have revamped their online and mobile apps to make much banking services easily accessible to users.
According to Alan Kerr, Senior Vice President, Software at Diebold Nixdorf:
Many of our customers are looking to retain consumer’s and drive incremental transactions to help their self-service channels. This partnership with MasterCard delivers on both of these fronts.
Although both services are still in their pilot phases, the realization that a truly cardless future is here is exciting.
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