AGS Transact Technologies and Mastercard Partner to Introduce First-Ever ‘Contactless’ Cash Withdrawals on ATMs in India

Enabled through Masterpass & AGS QRCash, Mastercard cardholders can now withdraw cash from ATMs by just scanning a QR code using a smartphone

by Suman Gupta

Mumbai, February 2021: AGS Transact Technologies (AGSTTL), one of India’s leading providers of end-to-end cash and digital payment solutions & automation technology, has partnered with Mastercard to provide a pan India ‘contactless’ cash withdrawal experience at ATMs. In a first, Mastercard cardholders will be able to withdraw cash by scanning a QR code displayed on the ATM screen of all participating Banks. The partnership aims to provide a more secured banking experience to customers in India.

AGS Transact Technologies will enable this ‘contactless’ QR-based cash withdrawals on all ATMs in its network in a phase-wise manner. Enabled by AGS Transact Technologies, these QR based ATMs powered by ‘Mastercard’ will help users to digitally locate the nearest enabled ATM and withdraw cash by scanning a QR code using their banking app on the mobile phone. It will be a simple 4 steps process at the nearest enabled ATM – Open banking app, Scan QR displayed on ATM screen, authenticate withdrawal amount on banking app by entering mPIN and Pick-up cash from ATM – without the need to insert the physical debit/credit card into the ATM or entering an ATM Pin. This will minimize any physical contact, making it a cleaner withdrawal option vis-à-vis regular cash withdrawals, especially during current times of COVID-19.

Commenting on the partnership, Vikas Varma, Chief Operating Officer, South Asia, Mastercard said, “Mastercard is committed to develop safe, secure, and more convenient ways to make payments with its technology and expertise. During these unprecedented times, there is a need for contact free cash withdrawal as people want to maintain a balance between protecting themself and continue to make transactions essential to maintain daily lives. Mastercard is pleased to partner with AGS Transact Technologies to introduce ‘Cardless ATM powered by Mastercard’. Mastercard Cardholders will be able to withdraw cash safely by eliminating the need to use a physical card or touch an ATM PIN pad, while providing the security of an EMV transaction, making it safe, quick and easy for people to access cash.”

The partnership will allow the Mastercard cardholders to access any participating Bank ATM in the country and carry out three transactions without any additional charges making it a scalable option for banks providing a consistent experience to their consumers.