Mastercard has partnered with KAL, a global ATM software provider, to introduce two new software innovations to the ATM channel and provide convenient and secure access to cash anytime and anywhere.
The partnership will integrate Mastercard’s Cardless ATM and Cash Pick-Up™ products with KAL’s market-leading multi-vendor ATM software. The combined offer will provide a seamless self-service banking experience in an increasingly digital landscape and aligns with KAL’s dedication to delivering benefits for its customers through ATM networks.
Mastercard’s Cardless ATM concept enables a user to withdraw cash from an ATM using only a mobile phone – no ATM card is needed. This innovative concept works using a cloud connection and Consumers Tokenized Card to construct a Digitally Secure Remote Payment EMV transaction, which is then used to approve the transaction via standard scheme rules. This concept allows cardless cash withdrawals from any ATM – and not just from the customer’s own bank ATMs. Customers no longer need to fear the day they go on holiday and have left their wallet at home.
Mastercard Cash Pick-Up™ enables customers to send cash to a recipient that does not have a bank account. The recipient receives a unique onetime code on their mobile phone which the ATM uses in combination with a virtual onetime PAN to deliver the cash. Once again this concept works globally on an “On us” and “Off Us” basis – which is very powerful for customer convenience.
KAL CEO Aravinda Korala said: “Customers now want a seamless user experience across all banking touchpoints. Banks are responding to this demand and recognize that, when it comes to customer retention and acquisition, the ATM remains an essential banking channel. That’s why this partnership with Mastercard is so important – it is about giving the customer as much choice as possible, as well as providing services for the unbanked.”
Dan Goodman, Mastercard’s Senior Vice President and lead of the Global ATM product team, agreed, saying: “Mobile technology has an important part to play in the future of banking and ATMs. These initiatives demonstrate the power of physical and digital worlds coming together to provide customers with the most advanced and convenient financial services.”
KAL is an industry-leading ATM software company and preferred supplier to megabanks such as Citibank, ING, UniCredit and China Construction Bank. KAL’s multi-vendor ATM software enables banks to regain control of their ATM networks, reducing costs and improving competitiveness. It is installed and supported in over 80 countries and runs on 300,000 ATMs from 50 different hardware manufacturers.
For more information, visit www.kal.com
Mastercard is a multinational financial services corporation. Its global payments processing network connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories with the aim of making everyday commerce easier, more secure and more efficient.
For more information, visit www.mastercard.com