These days it seems like new transaction options are constantly being added to ATMs. One of the most exciting and useful new services is Mastercard’s Cash Pick-Up service, which allows you to send cash to a recipient who can then pick it up at a participating ATM. Hyosung America ATMs, updated with the latest Mastercard Cash Pick-Up software, make transferring cash to another person easier than ever before.
As an operator, adding an ATM cash pick-up service offers a chance to provide your customers with more transaction options, and thus a chance for you to earn more money. Here’s a breakdown of how Mastercard Cash Pick-Up transactions work.
First off, a sender creates a cash pick-up order. The easiest way to do this is to download the Mastercard Cash Pick-Up app. The sender enters their information and information about the recipient. Once an account is set up, there’s no need to re-enter sender information every time the app is used. This makes additional transactions exceptionally quick and easy.
Next, the sender funds a virtual card by adding money from their bank account. This virtual account is what the recipient will access when they visit a participating ATM. Funds are transferred securely and quickly between the sender’s bank and Mastercard.
Next, a PIN and the cash amount are sent to the recipient's mobile phone. At this point, cash is ready to be withdrawn and can be accessed whenever it's convenient for the recipient to visit an ATM.
Using their phone number and PIN, the recipient can withdraw cash from an ATM. This allows underserved demographics, namely teenagers and people who don't have bank accounts, access to cash. Whether they're sending cash to a relative or a friend in need, making cash available to a child while they're on a school trip, or reimbursing an employee for business-related spending, customers will find that Mastercard Cash Pick-Up is easy to use and highly efficient.
This helpful service is also popular with businesses for giving rebates to customers and can be used to donate money to people in disaster areas.
Implementing Mastercard Cash Pick-Up is incredibly simple. It's merely a software upgrade and requires no hardware at all. Hyosung America highly recommends adding this functionality to your network as part of broader retail ATM software solutions that address the changing banking landscape.
With fast and affordable implementation and the benefit of dramatically increased functionality, cardless pick-up options are becoming more and more popular with ATM operators and FIs across the globe. By giving your customers more options, you’ll increase the amount of transactions your network performs, and increase your profits as well.
Don’t lose out on a transaction because your machines don’t support Mastercard Cash Pick-Up. Make sure that your fleet is versatile and agile, and ready to meet your customers’ needs. Contact Hyosung America for more information today.