PayPal owned Paydiant, in a partnership with FIS, will be enabling US consumers to withdraw cash from 70k ATMs nationwide without a bank card. All you need is a QR code on your smartphone.
Check out the image below for an idea of how it works. PayPal reveals more in this blog post.
PayPal says: “We’re thrilled to now be delivering this patented Cardless Cash approach to PAI’s existing network of 70,000 ATMs — without upgrading the ATM machine hardware. Eligible mobile banking users of participating banks will now be able to securely access their cash at these ATMs both on iOS and Android mobile devices at any time.”
Of course, developments like this are interesting, enticing and innovative. And I can see how, in the future, we’re going to see more things like this. But is it something you’ be willing to embrace right now?
In Brighton and Hove I can get an e-ticket on my phone so I can ride the bus all day but I’m still worried my iPhone will have run out of juice by the end of the day if I’ve been out and about and I’ll end up shelling out a cash fare. There’s something more reliable and practical in that little slip of paper.
That said, this move is more evidence that PayPal continues to look ahead and experiment with the potential and power of their technology. Would you use your phone to withdraw cash from a machine?
