With this partnership, Empays will upgrade the basic technology behind the IMT Payment System to incorporate the requirements of Mastercard Cardless ATM enabling a true EMV-capable cash withdrawal transaction.
As per a release by Mastercard, 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 authorised 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 initiate a withdrawal by simply scanning a QR code on the mobile phone, using their banking app,” the release said.
It will allow users to “withdraw cash safely” following four simple steps at the nearest enabled ATM without the need to insert the physical debit/credit card into the ATM, thereby minimising any unnecessary contact, making it a cleaner withdrawal option vis-à-vis regular cash withdrawals, especially during current times of COVID-19, the release said.
“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,” Porush Singh, Division President, South Asia, Mastercard said.
The 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, the release said.