On February 9, 2021 AGS Transact Technologies Ltd (AGSTTL) entered into partnership with Mastercard to introduce First-Ever ‘Contactless’ Cash Withdrawals on Automated Teller Machines(ATMs) in India. The partnership enables the Mastercard cardholders to withdraw cash at ATMs by scanning the Quick Response(QR) code that is displayed on the ATM screen. The Cardless ATM is powered by Mastercard’.
Purpose: To offer more secured banking experience to the customers in India.
About the Partnership:
The partnership allows Mastercard cardholders to access any participating Bank ATM in India. They can carry out 3 transactions without any additional charges.
Highlights about Contactless QR Based Cash Withdrawal:
i.This withdrawal is enabled through Mastercard’s Masterpass and AGS QRCash.
ii.AGSTTL, in a phased manner, enables this withdrawal on all ATMs in its network.
iii.The cardholders of Mastercard can digitally locate the nearest enabled ATM and withdraw cash by scanning a QR code using their banking app on the mobile phone.
iv.It eliminates the need to insert the physical debit/credit card into the ATM or entering an ATM Personal Identification Number(PIN).
What is Masterpass?
Masterpass is a digital payment service that allows the customer to check out faster by storing all of your payment and shipping information in one secure location.
Recent Related News:
On January 19, 2021 Paytm Payments Bank Ltd (PPBL) partnered with Suryoday Small Finance Bank(SFB) Ltd to enable its account holders to avail Fixed Deposit(FD) services. It is to be recalled that PPBL has been offering FD services in partnership with Induslnd bank with a minimum investment of Rs. 100.
PPBL with the partnership with Suryoday SFB has become the 1st payments bank in India to launch the multi- partner FD service.
About AGS Transact Technologies Ltd (AGSTTL):
Chairman & MD– Ravi B Goyal
Headquarters– Mumbai, Maharashtra
Executive Chairman– Ajay Banga
CEO– Michael Miebach
Headquarters – New York, United States