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February 9, 2021

AGS, Mastercard collaborate to enable contactless cash withdrawals in India’s ATMs

India-based end-to-end cash and digital payment solutions provider AGS Transact Technologies has joined forces with Mastercard to debut contactless cash withdrawals service at ATMs in the country.

AGS and Mastercard teamed up with an aim to offer secure banking services to Indians amid the Covid-19 pandemic.

Dubbed ‘Cardless ATM powered by Mastercard’, the new solution will allow users to withdraw cash without needing to insert their debit or credit card or entering their ATM pin.

This touch-free cash withdrawal experience will be available on the ATM machines of all participating banks.

It will allow Mastercard cardholders in the country to scan a QR code on the ATM screen and withdraw cash, using the participating bank’s app.

These QR based ATMs – powered by Mastercard and enabled by AGS – can be digitally located by the users using their banking app.

They can authenticate their withdrawals by entering the amount on the app, enter their mPIN and pick up the cash from the ATM.

This cardless cash withdrawal service will be made available in a phased manner, and on all ATMs in AGS’ network.

The users will be able to carry out three cash withdrawals with incurring any additional charges.

AGS Transact Technologies chairman and MD Ravi Goyal said: “We are delighted to partner with Mastercard to spearhead customer-centric solutions focusing on contactless payments.

“We are confident that the QR based cash withdrawal will be a gamechanger towards increasing the adoption of contactless technologies.

“As a trusted partner in this journey, we have designed customer-friendly solutions to provide seamless transactions, without any breaks in the transaction process in case of multiple cardless withdrawals.”

Commenting on the partnership, Mastercard South Asia COO Vikas Varma said: “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.”

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