AGS Transact Technologies, Mastercard partner to Introduce first-ever ‘contactless’ cash withdrawals on ATMs in India

AGS Transact Technologies (AGSTTL) 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 secure 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.

Ravi B Goyal, Chairman & MD, AGS Transact Technologies Limited 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,” Goyal added.

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."