Cardless Cash Withdrawals
- US-based electronic payment processing solutions provider Payment Alliance International (PAI) has announced the deployment of MagTek’s Qwick Codes, a solution enabling secure cardless ATM transactions. This new tool will be deployed across PAI’s nationwide network (or over 50,000 ATMs).
- The mobile application Qwick Codes Mobile Wallet runs on PCs, Apple iOS devices or Android smartphones; a Secure Card Reader Authenticator peripheral is also needed.
- The user generates a disposable account number and PIN code when swiping his magnetic stripe card in the attached device. This Qwick Code and the associated PIN code can then be used to make transactions at supported ATMs (among which PAI’s ATMs).
- This kind of device could help prevent bank card fraud and make it possible to avoid skimming attacks.
- The tool is already available in the US, the mag-stripe card is scanned to generate an OTP. This may remedy some security flaws as debates on the adoption of the EMV standard can be heard of in the United States.