Mastercard Incorporated (MA) Announces Collaboration with NCR Atleos and ITCARD to Enhance Contactless ATM Experience

Mastercard Incorporated (NYSE:MA) is among the 15 Stocks ChatGPT Predicts Could Make You Wealthy in 5 Years. On September 11, the company announced a collaboration with NCR Atleos and ITCARD to enhance contactless experiences for cardholders at ATMs.

The new innovation will allow users to securely withdraw cash using a mobile device, without requiring a plastic card or PIN. While multiple European countries have already deployed contactless ATMs, they require the cardholders to enter their PIN in addition to authentication through the mobile wallet.

The Consumer Device Cardholder Verification Method (CDCVM) addresses this by verifying the identity of the cardholders using a mobile phone. The consumers will authenticate themselves on their device before tapping the ATM to initiate the transaction, eliminating the need for a physical wallet, card, or PIN.

Johan Gerber, Executive Vice President and Head of Security Solutions at Mastercard Incorporated (NYSE:MA) stated the following on the development:

“This breakthrough marks a pivotal moment in the evolution of the consumer experience. By enabling biometric mobile authentication at ATMs, we are redefining the consumer experience, simplifying it without sacrificing security. Together with our partners, we are making everyday financial interactions safe and more intuitive for everyone.”

Initial testing by Mastercard Incorporated (NYSE:MA) in July revealed that ATM transactions using CDCVM were 20% faster than those requiring PIN. The solution is currently being piloted in Poland, with plans for it to be available across markets from next year.

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