August 24, 2016
Paydiant Secures Patent for Mobile ATM Transactions
Jan. 23, 2014
Paydiant, a provider of white-label payment solutions for banks and retailers, today announced it has been granted a patent describing a way to facilitate mobile transactions at ATMs. The patent covers a process Paydiant unveiled last spring that lets consumers get cash from ATMs without using their card. A user can initiate a transaction at any time using his or her bank’s mobile banking app. The transaction remains in the cloud until the user goes to an ATM that supports the transaction. At the machine, the user presses the “mobile” option on the ATM and scans a QR code that identifies the customer and completes the transaction.
Banks offering the service will be able to tout the convenience and security cardless ATM transactions offer their customers, Chris Gardner, co-founder of Wellesley, Mass.-based Paydiant, told CardNotPresent.com.
“It’s yet another feature that can add to their mobile banking app to keep their customers engaged and loyal,” Gardner said. “Certainly security is a hot topic. Customers will spend less time in front of the ATM. Just being able to do the whole transaction away from the ATM makes it more secure, preventing skimming and shoulder surfing.”