Customers are accustomed to inserting their cards into retail ATM machines to complete transactions, but by and large, they also eagerly embrace new technological capabilities that make their banking interactions easier and safer. Although ATM cardless cash withdrawal has only been available for a few years, consumers have welcomed the new technology with open arms. In fact, 78% of consumers have stated that they would prefer to use a contactless ATM without a card than the more conventional alternative. With such a high demand by consumers, it’s time to take a closer look at implementing cardless ATMs in your fleet.
Safety is top of mind during public health crises
During the pandemic, safety is a primary concern for both consumers and business owners alike. The fewer points of contact between consumers and publicly used equipment, the less the risk of disease transmission. Installing contactless ATMs in your fleet will give your customers the ability to better protect themselves and others.
ATM cardless cash withdrawal does not completely eliminate the need to touch the machine; however, it does greatly reduce the number of required touchpoints, allowing users to instead complete the majority of the necessary steps on their own mobile phone.
Contactless ATMs eliminate the threat of skimming
Con artists have become adept at stealing card information from consumers using a variety of methods, including skimming devices. The skimmer, or false card reader, is installed in front of the ATM card slot, allowing the identity thief to capture information from the card. Often, these criminals also use a tiny camera hidden in something that looks innocuous, such as a pamphlet holder. This camera is used to capture the user’s PIN. This type of fraud is fairly easy to commit and affects countless consumers each year. It can also ruin the reputation of a business if a skimming device is found in its ATM fleet.
With the installation of contactless ATM machines, the threat of skimming is eliminated. Since consumers do not insert their card into the machine, there is no possibility of a skimming device stealing the information.
Cardless retail ATM machines include advanced security features
New generations of cardless ATM machines offer advanced safety features, including multiple identity verifications. For example, many cardless ATMs are enabled with QR code capabilities. The ATM generates a unique QR code for a particular transaction, which the user will scan to complete an identity verification process before moving forward with the transaction. Contactless ATMs can also use verification codes for an additional layer of security. The unique verification code, which typically expires quickly, confirms the user’s identity to prevent unauthorized transactions.
Partner with a leading retail ATM machine provider
For years, Hyosung America has been a leading provider of innovative and inspiring retail ATM machine solutions. Now, we’re pleased to introduce one of our newest machines, the revolutionary MoniValue100—a mobile ATM that allows ATM contactless cash withdrawal and eliminates the possibility of skimming card fraud. The intuitive display pleases customers while providing greater convenience. Contact us today to learn more about our contactless ATM and retail ATM software options that can significantly boost your bottom line.