Paydiant said it has been granted a new patent from the U.S Patent and Trademark Office: US Patent No. 8,632,000, granted on January 21, 2014, describes approaches for using a mobile device to conduct transactions at automated teller machines.
The solution enables consumers to use their smartphones, instead of their debit or credit cards, to withdraw cash from ATMs, enhancing the consumer mobile banking experience while also supporting financial institution loyalty. And because it is software-only, it can be deployed without installing additional hardware on ATMs.
Unlike more complex and less secure solutions that require a consumer to receive a one-time use code on their smartphone and then key it into an ATM along with other user credentials, the Paydiant solution enables the user to get cash simply by scanning a QR code displayed on the ATM with their smartphone. The Paydiant solution also increases security by eliminating the risks associated with card skimming and PIN theft at the ATM.
Paydiant is the provider of a cloud-based, white label mobile payment, cardless ATM access, offer redemption and loyalty platform that enables merchants, banks, and payment processors to deploy and manage their own mobile payment and ATM access solutions under their own brand and on their own terms. Visit www.paydiant.com for more information and follow on Twitter @Paydiant.