PayPal Sets Up for Cardless ATM Withdrawals
PayPal announced last week they will be partnering with the financial services group FIS to provide cardless ATM withdrawals throughout the United States. This option will give users the chance to pull money from their PayPal accounts without a card, making it even easier for accountholders to access their funds.
The program is called Cardless Cash, and is already used by more than 20 banks across the country. The PayPal cardless withdrawal feature will be available at 2,000 ATM locations, but the compamy says it plans to expand that in the near future. In total, FIS’s Cardless Cash program is employed at 80,000+ ATM locations.
Currently, the only way to get cash from a PayPal account is to either transfer it to a bank account or use a PayPal Business Debit Card at an ATM. Now, users will be able to log into the PayPal mobile apps and request a cardless withdrawal from an FIS ATM near them. The request is sent to the ATM, where accountholders can scan a QR code on the machine to complete their requests. The cash is dispersed as usual, but there is no card needed for the transaction.
The cardless withdrawal option helps users avoid the risk of credit card skimming, which has become a prominent problem at ATMs and gas pumps in the United States. The information is protected and encrypted on the cloud to ensure security throughout the transaction.