Monday, April, 12, 2021 03:29:52

AGS Transact Technologies, a leading payment solutions provider, has reportedly partnered with Mastercard, a financial service company. The partnership was geared towards the delivery of pan-India contactless cash withdrawal experience for cardholders at ATMs. The deal will also enable a secure banking experience for Indian customers.

Initially, Mastercard cardholders will need to scan a QR code on the ATM screen of all the participating banks to withdraw cash. In a phased manner, AGS will allow the latest QR-based contactless cash withdrawals from ATMs in its network. Moreover, these QR-based ATMs will help the users locate the nearest ATM digitally by using the banking app.

In order to complete this contactless cash withdrawal process, users need to undergo 4 steps, i.e. open the banking app, scan the QR on the ATM screen, authenticate the withdrawal amount on the app by entering the mPIN, and finally pick-up cash from the ATM. This will help lower the level of physical contact, especially amid the ongoing COVID-19 pandemic.

According to AGS Transact Technologies’ Chairman & MD, Ravi B Goyal, the company showed excitement towards its partnership with Mastercard to ensure new innovation by offering contactless payments. The introduction of this QR-based cash withdrawal will also create a significant shift from the manual money withdrawal from ATMs to seamless contactless technologies via the new customer-centric solution.

Vikas Varma, Mastercard South Asia’s Chief Operating Officer, has reportedly commented that the company has been focusing on developing safe and convenient payments by leveraging its expertise and technology. In the wake of the coronavirus outbreak, there has been an increased need for contactless cash withdrawal as people continue to maintain social distancing guidelines and reduce physical contact to curb the virus spread.

In addition, the partnership will enable Mastercard cardholders to gain access to any ATM of the participating banks across the country and provide them with a scalable option to carry out 3 transactions for free.

Source credit:

https://www.moneycontrol.com/news/business/ags-transact-technologies-mastercard-partner-to-introduce-first-ever-contactless-cash-withdrawals-on-atms-in-india-6472591.html