Processor Enables Cardless ATM Transactions

May 19, 2011

Louisville, Ky. processor Payment Alliance International (PAI) and mobile payments technology provider MagTek said they have deployed MagTek’s Qwick Codes across PAI’s nationwide network of over 50,000 ATM machines. The deployment enables smartphone users who have downloaded the Qwick Codes Mobile Wallet app to swipe any traditional magnetic stripe payment card through an authenticator to generate a one-time, disposable account number and PIN. Consumers use their Qwick Code and PIN at supported ATMs to withdraw cash, eliminating the need to physically carry a payment card while reducing exposure from skimming and related fraud, the companies said. “Qwick Codes illustrates our goal of expanding and improving the consumers’ ability to use their smartphones to conduct everyday financial transactions,” said Andy Deignan, MagTek vice president of global marketing and strategy. “In line with offering the high level of security MagTek is known for, static card data converted into a one-time use Qwick Code can be used to retrieve cash at any supported ATM, effectively eliminating the risk associated with compromised ATMs rigged with card skimmers.”