Mastercard has announced its partnership with NCR Atleos and ITCARD in order to optimise contactless experiences at ATMs.
Following this announcement, the collaboration is set to allow cardholders to withdraw cash by using a mobile device for a more efficient, secure, and smarter ATM experience.
As more individuals embrace a digital-first lifestyle and choose to leave their physical wallets and bank cards at home, the need for secure and smarter ATM experiences represents an important step toward an improved customer experience. With this in mind, the partnership will enable cash to be securely withdrawn by leveraging a phone, with no PIN being required.
More information on the Mastercard x NCR Atleos x ITCARD partnership
According to the official press release, multiple countries in Europe, including Poland, Switzerland, the Czech Republic, and Austria, have already deployed contactless ATMs. However, with the process of using their mobile phone, the cardholder is usually asked to enter their PIN in addition to authenticating themselves via mobile wallet using biometrics, creating unnecessary friction.
The Consumer Device Cardholder Verification Method (CDCVM) streamlines this process, while also verifying a cardholder’s identity using a mobile device for contactless payments. At the same time, the client authenticates themselves on their phone before tapping the ATM to start their transaction, thereby streamlining interactions at the ATM. CDCVM also aligns the user experience across devices, aiming to reduce the need for verification of both CDCVM and online PIN on a single ATM transaction.
By enabling biometric mobile authentication at ATMs, the companies aim to optimise the consumer experience, as well as simplify it without sacrificing security. In addition, the financial institutions will continue to focus on meeting the needs, preferences, and demands of clients and users in an ever-evolving market, while prioritising the process of remaining compliant with the regulatory requirements and laws of the industry as well.
