International licensed remittance company Viamericas Corporation and Pin4—the U.S.’s first independent cardless cash ATM network—today announced completion of their partnership initiative targeting the peer-to-peer (P2P) payments market.
The initiative integrates Pin4’s cardless cash withdrawal technology with Viamericas’ recently launched digital money transfer platform, Vianex. This integration expands the Vianex payout network’s value proposition by adding more physical cash withdrawal locations while increasing access to underbanked and unbanked customers.
As a result, companies tapping into the rapidly growing P2P payments market now have an unprecedented opportunity to reach the total possible consumer base—increasing revenue potential while positioning their businesses for longevity. Visit Pin4 and Viamericas at the Pin4 Booth #332.
Cash’s True Value Amplified by Pin4
Business Insider Intelligence projects the U.S. domestic P2P transfer market to reach $566 billion by 2019. That growth is driven not only by bank P2P services, but also by non-bank companies such as Venmo, Facebook, Square and many others offering digital P2P services to their customers.
According to the Federal Reserve System’s Cash Product Office, cash stands as the preferred method of payment for purchases and bill payments even within this digital transaction environment.
“Fund transactions are inarguably shifting toward digital P2P methods,” said Richard Witkowski, CEO, Pin4. “Catalysts range from today’s impenetrable dependence on technology to the increasing rise in underbanked individuals. Given these trends, cash remains an important form of payment. In some instances, it even outpaces debit card, credit card, online banking and physical check usage. So, in a digital financial world such as ours, you still need to offer a safe, secure way for anyone to access cash. This is where Pin4 comes in.”
The Pin4 Cardless Cash Network is the first independent platform in the U.S. that safely delivers cash real-time to consumers at enabled ATMs without the use of debit or credit cards. The platform’s security hinges on a patented dual-pin authentication process. To withdraw cash, the recipient simply enters his/her phone number; the withdrawal amount; a one-time pin provided by Pin4 via an SMS text; and, a second ‘secret’ pin provided by the sender and known only to the sender and recipient.
Pin4’s technology introduces a new, profitable revenue channel for ATM owners as well as a valuable benefit for Viamericas customers as they can now offer a new network of sites where people can easily withdraw payments. Launched last year, Pin4’s U.S. domestic ATM network today includes machines in 46 states and continues to grow.
Vianex with Pin4
“The P2P payments market is an incredibly attractive business opportunity for many entities,” said Paul Dwyer, CEO, Viamericas. “However, to enter that market swiftly may prove challenging.”
Digital money transfers involve a complex supply chain comprising various networks (issuers, acquirers, payout agents, merchants, etc.); risk, fraud and compliance controls; cash management processes; state-by-state licensing; security and other technologies; and, more. Development of that supply chain can be a slow, multi-decade investment.
Vianex is the industry’s one-stop solution to that challenge, encompassing the full supply chain of processes, domestic and international licenses, and robust partner networks. It enables interested companies to enter the P2P payments market today rather than years down the road.
“Vianex’s core value is, of course, anchored on the sound technology and compliance foundations we’ve built. However, the competitive value is in the partner networks we’ve cultivated relationship by relationship. Engaging with Pin4 is a prime example of that. Cash withdrawals are an important option for our customers. With Pin4, our U.S. payout network now has the potential to grow from several thousand Viamericas agents we previously relied on to include a considerable portion of the more than 425,000 ATMs operating nationwide. That’s a differentiating, future-proofing benefit we’re pleased to offer our customers,” continued Dwyer.