The world’s first generation of ATM machines were rudimentary at best, capable of little more than dispensing cash. Today, customers enjoy the ability to check multiple account balances on intuitive touch screens with advanced safety features. The latest generation of ATM technology now features cardless cash withdrawal options. The contactless ATM is becoming increasingly important in a world reeling from the effects of the COVID pandemic. Its role in our society is likely to continue to grow.
Contactless ATMs offer multiple advantages, one of them being greater convenience. For example, the ATM enables customers to withdraw cash and check their account balances even if they've left their card at home. Contactless ATMS also provide ironclad security features. The features include two-factor authentication protocols that go the extra mile to safeguard the customer's sensitive data and prohibit unauthorized transactions. These advantages have enabled contactless ATM technology to gain popularity.
Furthermore, with the advent of the COVID pandemic, there has been a significant demand for these machines. The coronavirus can easily spread from person to person. While it may not be possible to completely eliminate touching public surfaces during a person's typical day, it is undoubtedly beneficial to public health and individual safety to limit surface touching as much as possible.
When the COVID outbreak turned into a global pandemic, people everywhere quickly had to adjust to new realities—plexiglass dividers, masks, social distancing, and working from home. People also became increasingly concerned about touching potentially contaminated surfaces. From ATM screens to gas pumps, every public surface became suspicious. The pandemic has created significant changes in our world, and the rise of contactless transactions is one of those changes that will prove to have staying power.
In 2018, only 3% of cards issued in the U.S. featured contactless transaction technology. These transactions had already become quite popular in other countries, yet America lagged behind. However, by early 2022, Visa reported that 20% of its card transactions were conducted in a contactless fashion. This is a significant rise in a relatively short time, and it's expected that the popularity of convenient and safer transactions such as ATM cardless cash withdrawal will continue to increase.
You can upgrade your fleet of retail ATM machines by partnering with Hyosung America. We are transforming ATM technology by introducing our advanced retail ATM software options that support cardless cash withdrawals. With the CardFree Cash feature, your customers can quickly and conveniently access the money in their accounts even if they forgot their cards or prefer contactless transactions for health and safety reasons. Contact us today to ask about ATM contactless cash withdrawal on our revolutionary MV100 mobile ATM. We look forward to becoming your retail ATM machine provider