The mobile wallet is getting closer to becoming reality as Payment Alliance International and MagTek partner to introduce a new way to perform secure, card-less ATM transactions.
Payment Alliance International (PAI), an operator of a nationwide network of 50,000 ATMs, joined forces with MagTek, a manufacturer of secure mobile payments technology, to launch a the safer method to conduct ATM transactions.
The Qwick Codes Mobile Wallet is an application running on a PC, Apple iOS or Android device that will generate a temporary account number and PIN when a traditional debit or ATM card is swiped on an attached MagTek’s Secure Card Reader Authenticator peripheral.
On the PAI network of ATMs, customers can simply input the one-time, disposable account number and PIN without inserting a card into the machine. Because card skimmers pull information from the magnetic strip on the card during insertion, the absence of this action effectively ruins the scam.
The concept follows that of temporary credit card numbers that are already actively being used by Bank of America, Citi, and Discover cardholders, who are offered an extra layer of security when shopping online.
Non-bank ATMs tend to be easier targets for criminals looking to commit ATM fraud and Payments Alliance International operates 50,000 non-bank ATMs across the U.S. With Qwick Codes, the card-less ATM transaction offers a high level of security for ATM users.
As many customers are already utilizing temporary credit card numbers, big banks can easily adopt the concept by adding a similar feature to their mobile banking applications.
If a customer wanted extra security when accessing a bank ATM, they can simply log onto their accounts via the bank’s native mobile app and instantly generate an account number and PIN. There would be no need to use a card reader attachment.
Do you see yourself using this type of technology? Would you use this feature if your bank offered it?