Some strange things are happening in the financial sector these days. On the one hand, countries are looking to get rid of cash completely, as it is a cumbersome and anonymous way to move funds around the world. But FIS and PayPal want to let consumers withdraw money from virtually any ATM in the world through a mobile application.
Also read: Global Payments Network Resembles A Private Permissioned Blockchain For Wire Transfers
PayPal and FIS See Benefits of Cash
In the world of payments today, there doesn’t seem to be a place for cash transactions anymore. Granted, this form of money can be very cumbersome, with its bills and coins. Mobile and card payments let consumers pay the exact amount without dealing with cash, which is more convenient. But more and more people are realising that cash is the only way to use their money without relying on a bank.
FIS and Paypal are taking things one step further, as there two unlikely consumer allies are creating a new mobile application. FIS Cardless Cash, as the app is called, will let customers withdraw cash from nearly any bank ATM in the world, regardless of whether they are a customer or not.
It is not the first time Cardless Cash makes a name for itself in the financial sector, as a first iteration of this app was launched in January of 2015. At that time,l the solution was touted as a way for banks to generate additional revenue streams from their ATM devices, and it would also create opportunities for digital marketing.
Throughout the past 12 months, Cardless Cash has been processing millions of USD in withdrawals throughout the US. As one would come to expect, the success of such a solution hinges on bank participation, which was surprisingly active in the early stages. In fact, more and more banks are jumping on this concept over the next few months, allowing for easier withdrawals for consumers.
All it takes is a minor ATM software upgrade to offer the FIS Cardless Cash functionality, and roughly 80,000 devices support this concept right now. With the help of Paypal, Cardless Cash has become more convenient to use by mobile users, as it now acts as an extension of mobile banking solutions. For the banks, their brand will remain front and center, offering them a cheap way to boost marketing efforts.
Bitcoin To Cash From Any ATM
A similar service exists in the Bitcoin world as well, where companies such as Chip Chap let users convert Bitcoin to cash and withdraw it from participating ATMs. Thanks to an active partnership with Polish banks, selling Bitcoin in the country has never been easier or more convenient.
The growing demand for cash could play in Bitcoin’s favor as well. Unlike most other [foreign] currencies, converting to cash can be a bit of a hassle, and there are bank limits to keep in mind. Bitcoin, on the other hand, can be converted to cash in a multitude of ways, enabling quick access to liquidity when needed.
Source: Finextra
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