Empays Payment Systems partners with Mastercard to enable contact-free ATM cash withdrawals in India
CEO Insights team, Press Release
The IMT Payment System powers the largest ATM network for cardless cash withdrawals in the world and is available across 40,000 ATMs in India. It uses SMS technology to enable cash withdrawals from participating ATMs without any physical contact with a card. Empays is authorized by the Reserve Bank of India (RBI) as a national payment system.
‘Cardless ATM powered by Mastercard®’ will help users to digitally locate the nearest enabled ATM and initiatea withdrawal by simply scanning a QR code on the mobile phone, using their banking app. It will allow users to withdraw cash safely following 4 simple steps at the nearest enabled ATM – Open banking app, Scan QR on ATM, Authenticate withdrawal amount on banking app and Pick-up cash from ATM - without the need to insert the physical debit/credit card into the ATM, thereby minimizing any unnecessary contact, making it a cleaner withdrawal option vis-à-vis regular cash withdrawals, especially during current times of COVID-19.
The solution is designed to be interoperable with any Mastercard member bank making it a scalable option for banks providing a consistent experience to their consumers. India will be the first country outside the United States where this product will be available to users.
Commenting on the partnership, Porush Singh, Division President, South Asia, Mastercard said, “At Mastercard, it is our endeavor to use cutting-edge technology to improve customer satisfaction and security.
In the current unprecedentedtimes, this has taken on an urgency and importance as we balance between the need to protect ourselves and the need to continue transactions essential to maintain our daily lives. With ‘Cardless ATM powered by Mastercard’,users will be able to withdraw cash safely by completely eliminating the need to use a physical card or touch an ATM PIN pad,
We are excited at the prospect of working with Mastercard to bring their industry leading Cardless ATM technology to the Indian market via IMT Payment System.
while providing the security of an EMV transaction, making it safe, quick and easy for people to access cash.”
Ravi Rajagopalan, Founder and CEO, Empays Payment Systems said, “We are excited at the prospect of working with Mastercard to bring their industry-leading Cardless ATM technology to the Indian market via IMT Payment System. We deeply admire Mastercard for their commitment to emerging markets and the way the company differentiates their global technology offerings based on local market needs. We value the partnership and look forward to engaging our member banks in discussions very soon.”
The advanced technology will soon be available to any existing and future IMT member bank in India enabling a smooth upgrade that will help in reducing their technology spend and shortening the time to market window. Both companies are working to launch pilots with consenting banks in a few months’ time.
Commenting on the partnership, Porush Singh, Division President, South Asia, Mastercard said, “At Mastercard, it is our endeavor to use cutting-edge technology to improve customer satisfaction and security. In the current unprecedentedtimes, this has taken on an urgency and importance as we balance between the need to protect ourselves and the need to continue transactions essential to maintain our daily lives. With ‘Cardless ATM powered by Mastercard’, users will be able to withdraw cash safely by completely eliminating the need to use a physical card or touch an ATM PIN pad, while providing the security of an EMV transaction, making it safe, quick and easy for people to access cash.”
Ravi Rajagopalan, Founder and CEO, Empays Payment Systems said, “We are excited at the prospect of working with Mastercard to bring their industry-leading Cardless ATM technology to the Indian market via IMT Payment System. We deeply admire Mastercard for their commitment to emerging markets and the way the company differentiates their global technology offerings based on local market needs. We value the partnership and look forward to engaging our member banks in discussions very soon.”
The advanced technology will soon be available to any existing and future IMT member bank in India enabling a smooth upgrade that will help in reducing their technology spend and shortening the time to market window. Both companies are working to launch pilots with consenting banks in a few months’ time.