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Pin4 cardless cash network goes live in four US cities

23 February 2016  |  2075 views  |  0 Source: Pin4

Today, Pin4, the first open cardless cash network in the U.S., announced the launch of the first phase of its nationwide rollout, bringing consumers in New York City, Miami, Chicago and Los Angeles cardless access to cash at Pin4-enabled ATMs.

Pin4 will continue expansion throughout the year and will have full nationwide access in fourth quarter 2016.

In partnership with Payment Alliance International (PAI), one of the largest independent ATM deployers in the U.S., Pin4 is pioneering cardless cash withdrawals by powering next-generation solutions that push the boundaries of cardless cash, offering P2P transfers, promotions and rewards fulfillment and other cash disbursements, without the need for an ATM card or a bank account. Pin4’s open network offers a simple and effective API that enables promotions companies, remittance companies, financial institutions and other businesses to deliver real-time, mobile cardless cash to their customers.

“We are thrilled to have launched the initial phase of our roll-out. By enabling ATMs in the four largest cities in America, we will not only have a large concentration of ATMs equipped to offer cardless cash withdrawals, but will also be uniquely positioned to bring new and innovative solutions that will redefine the ATM marketplace,” said Richard Witkowski, Chief Executive Officer of Pin4. “Cash isn’t going anywhere and as companies and consumers increasingly look for mobile solutions that reach beyond simple cash withdrawals, our technology is the very first to equip ATMs to facilitate P2P transfers as well as rewards and promotion redemptions. With Pin4, ATMs become mobile money terminals.”

Mobile, cardless cash withdrawals are a new and innovative method for offering immediate access to cash-in-hand without the need of a debit or credit card or bank account. Pin4 offers the highest level of security through patented dual-pin authentication. To withdraw cash, Pin4 sends a text to the money recipient’s phone revealing a secure pin, which they enter along with a code the sender has provided. In minutes, the recipient is able to pick up their cash at a Pin4 – enabled ATM at their convenience. The recipient can also find the nearest enabled ATM using the Pin4 app on their phone.

“We are pleased to partner with Pin4,” said John J. Leehy III, President and Chief Executive Officer of Payment Alliance International. “Pin4’s open solution is not tied to a consumer’s bank relationship or bank account. Instead, transaction issuers can send cardless cash to any consumer who has a mobile phone. This has the potential to drive millions of new mobile transactions to participating ATMs and increase foot traffic for our retail clients.”

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