HOUSTON and WELLESLEY, Mass. (8/5/13)--PULSE, an ATM/debit network, has partnered with mobile-wallet provider Paydiant to offer a payment solution that allows consumers to withdraw cash from ATMs using their smartphones.
The Paydiant solution will allow PULSE financial institution and merchant customers to provide a secure, branded mobile-wallet solution without installing additional hardware on ATMs or point-of-sale terminals.
At the ATM, consumers authenticate themselves by scanning a unique quick-response code that prompts the ATM to dispense cash via an encrypted connection to the cloud.
The Paydiant mobile-wallet application is enabled through a secured cloud-based system that does not store sensitive account information on the mobile device or pass account data through the retail environment. Every transaction uses two-factor authentication and tokenization, making it a secure mobile payment method, Paydiant said
Diebold, a self-service solutions and ATM manufacturer and a CUNA Strategic Services provider, announced a similar partnership with Paydiant last month.