Cardless Transactions Set to be the Next Big Thing in the Financial Sector

By CIOReview | Friday, June 26, 2015
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FREMONT, CA: Gone are the days when an ATM card was a pre-requisite for cash withdrawal. The banking industry has taken a step further as it is at the outset to replace the conventional forms of banking with the newer forms. The latest trend being set is the cardless transactions, with banks around the globe trying to come up with a technology to make cash transactions secure and easy for the customers.

WSFS Bank, headquartered in Delaware, has recently introduced the WSFS Mobile Cash, a service that allows customers to securely withdraw cash from an ATM by using their WSFS Mobile Banking app.

Designed keeping in mind the latest security features, it is also convenient and fast with regards to digital technology in banking. Mobi, a futuristic robot, aided the implementation of the program and will also educate the customers on the use of the new technology.

Rick Wright, Executive Vice President and Chief Retail Banking Officer, explains, “No personal information, including card number and or PIN number is stored in the WSFS Mobile Banking App or on the smartphone. If a phone is lost or stolen, WSFS Mobile Cash is protected by the same login authentication security used for mobile banking.”

The transaction process has been made easy so that the customers have a hassle free experience. All they have to do is just use their mobile phone to click on a special feature of the WSFS app; touch the “WSFS Mobile Cash” button on any WSFS Bank branch ATM screen; select the withdrawal amount; scan a picture of the unique cash code on the screen using their phone; and then retrieve their cash and receipt from the ATM.

Other banks across the world are also experimenting with technology to make transaction easier and far more secure and this initiative is anticipated to play a greater role in the near future.