Money & Banking

AGS Transact partners Mastercard for ‘contactless’ cash withdrawals at ATMs

Our Bureau. Mumbai | Updated on February 09, 2021

Mastercard’s tie-up with Signzy will shorten KYC process for financial institutions   -  REUTERS

AGS Transact Technologies (AGSTTL) has partnered with Mastercard to provide a pan-India ‘contactless’ QR code-based cash withdrawal at ATMs.

Mastercard cardholders will be able to withdraw cash by scanning a QR code displayed on the ATM screen of all participating banks using their banking app on the mobile phone, the two companies said in a joint statement.

AGSTTL said it will enable ‘contactless’ QR-based cash withdrawals on all ATMs in its network in a phase-wise manner.

AGSTTL provides end-to-end cash and digital payment solutions and automation technology. Mastercard is a global technology company in the payments industry.

QR code-based cash withdrawal will entail four steps – open banking app, scan QR displayed on ATM screen, authenticate withdrawal amount on banking app by entering mPIN, and pick-up cash from ATM without the need to insert the physical debit/credit card or entering an ATM pin.

This will minimise any physical contact, making it a cleaner withdrawal option vis-à-vis regular cash withdrawals, especially during the current times, said the statement.

The partnership will allow Mastercard cardholders access any participating Bank ATM in the country and carry out three transactions without any additional charges, making it a scalable option for banks providing a consistent experience to their consumers, it added.

Ravi B Goyal, Chairman & MD, AGSTTL, said: “We are confident that the QR-based cash withdrawal will be a gamechanger towards increasing the adoption of contactless technologies.”

Vikas Varma, Chief Operating Officer, South Asia, Mastercard, said: “During these unprecedented times, there is a need for contact-free cash withdrawal as people want to maintain a balance between protecting themself and continue to make transactions essential to maintain daily lives.

“Mastercard cardholders will be able to withdraw cash safely by eliminating the need to use a physical card or touch an ATM PIN pad, while providing the security of an EMV transaction, making it safe, quick and easy for people to access cash.”

 

Published on February 09, 2021

Follow us on Telegram, Facebook, Twitter, Instagram, YouTube and Linkedin. You can also download our Android App or IOS App.

This article is closed for comments.
Please Email the Editor

You May Also Like