Cash withdrawal without card

[Brother]

I have said many times that cards (both chip and magnetic) are rapidly becoming a thing of the past. Up to the point that in the next 3-5 years there is a good chance for them to disappear altogether. This opinion is not my own, experts say, but I am very inclined to agree with them. And here is one of the signs of this trend.

Credit Alliance Co-op Financial Services adds cardless ATM transactions to its portfolio of payment solutions and digital banking.

According to a press release, Co-op is the first fin-tech lending provider to provide cardless cash withdrawals through its own ATM network and terminal service system.

Members of this credit association will be able to add access to cardless cash withdrawals to the corresponding mobile application. After that, the account holder can simply log into the application and withdraw cash.

At the ATM, the account holder selects the option of cardless access to cash, causes the display of a dynamic token or QR code, which the mobile application scans to authenticate the transaction and initiates cash withdrawal.

The feature could be added to Diebold Nixdorf and NCR ATMs running a terminal service system from Co-op Financial Services, the release said.

“One of the most important ways in which ATM services are evolving is through integration with other technologies, be it using back office data and its reporting tools, or software to directly interact with consumers,” the president and CEO of Co -op "Todd Clarke. "The seamless connection of ATMs to smart devices, without which consumers hardly leave their homes, is the embodiment of this progress. We know that the members of the lending association will love this, and especially those who are very mobile and are a fan of technology."

A source

Note:
Diebold, along with its recently acquired Wincor Nixdorf and its biggest rival NCR, are major players in the ATM market. All in all, it's no surprise that this credit union is targeting these mastodons when it comes up with new solutions. But I must say that the vast majority of all other small ATM manufacturers simply support the DDC (Diebold Direct Connect) or NDC (NCR Direct Connect) protocols, and often both. And this means that the proposed solution can be implemented in virtually any ATM. But without the support of the terminal service system, it will not be possible to implement. And the guys have a solution for their own system. Well, great!

Using this press release as an example, I would like you to see two trends, one of which is not obvious.

Firstly, yes, smartphones are replacing bank cards. And secondly ... Cash does not even think of dying! Moreover, there are even tendencies to increase the turnover of cash in those countries in which the fight against cash was declared. There is a very voluminous study on this topic in the magazine "Plas". I'm going to reduce the thoughts outlined there to an adequate size and write about it.