Diebold, Incorporated (NYSE: DBD) is making a contactless card reader available to all financial institutions globally. The solution leverages Near Field Communication (NFC) at the automated teller machine (ATM), allowing the user interface to read contactless payment cards, mobile devices with NFC support and additional forms of contactless media such as fobs, stickers and tags.
Available as an upgrade on existing Opteva® terminals, Diebold's contactless card reader coexists with both dip and motorized magnetic stripe card readers to allow an alternate method to initiate transactions. When a contactless card, which contains a chip or processor capable of communicating and exchanging information with a contactless reader, is placed within a few inches of Diebold's solution, the card is detected within seconds via NFC technology.
Different from traditional magnetic stripe cards, Diebold's contactless card reader makes it unnecessary for the contactless card to be swiped or inserted into a terminal, resulting in enhanced speed, convenience and security for consumers while at the self-service channel.
© Finextra Research 2016