FIS and Payment Alliance International has announced a new partnership that will allow users to execute withdrawals from ATMs using Touch ID technology. This announcement was made by the Bank of America yesterday. This probably means the use of plastics might cease soonest. Over 70,000 ATMs will be enabled with this feature including freestanding ATMs in retail stores, malls, restaurants, and more. This will also allow users of Iphone withdraw cash using the touch ID. Cardless cash from FIS employs the use of QR codes combined with an iOS app allow the use of physical cards to withdraw money from ATMs. As a security measure, the app will require Touch ID input to complete the process. All processes will take 10 seconds after which the user will receive a digital transaction receipt. As the nations largest provider of private ATMs, Payment Alliance International’s partnership with FIS to launch the cardless cash will bring into light about a new phone to ATM technology.
Card Skimming and card fraud has been a major challenge in the card payment industry. Lot of billions have been lost through this means. As it is at the moment, the service isnt using Apple Pay but we hope that a later incorporation of Apple Pay and Android Pay will further enhance and increase the security levels. Africa has achieved quite a milestone as regards card payment technology. Thanks to International companies like Mastercard, VISA and Nigeria’s own Interswitch. This new technology will be in the available only in the US for now.
