Fiserv has unveiled CardFree Cash, a cardless way to withdraw funds at thousands of ATM locations nationwide.
Fiserv says its patent-pending CardFree Cash changes the way cardholders access their money – allowing them to withdraw cash from an ATM without a physical card or surcharges. Using a secure token, CardFree Cash withdrawals are completed over the Accel® debit payments network available at thousands of participating ATM locations nationwide.
A successful pilot of the product in late 2015 underscored the advantages of CardFree Cash, which include allowing cardholders access to emergency cash if they lose their card (for example while traveling to another city), while waiting for replacement of a lost, stolen or breached card, or for simple convenience.
A future enhancement to the solution will enable person-to-person payments and the capability to collect cash sent from another party at participating ATMs. Customers will be able to provide an access code or PIN to friends or relatives to send and receive cash through Popmoney personal payment service from Fiserv.
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