The ability to use a smartphone to pay at the checkout instead of a physical credit card has gradually been deployed around the world. While a number of technologies, such as MST (Magnetic Secure Transmission) supported by Samsung Pay, can be used to complete a transaction, the increasingly popular method to complete credit card or smartphone-based payments at the checkout has been via NFC.
Unfortunately, as far as Apple's ecosystem is concerned, if you own an iPhone older than the iPhone 6 then you're out of luck when it comes to NFC transactions. However, thanks to a new partnership between FIS and Payment Alliance, there is some good news for owners of at least an iPhone 5s who wish to improve the security of ATM withdrawals.
At compatible ATMs, customers will be able scan a QR code displayed on the ATM's screen using an app to confirm the withdrawal. The customer will then be prompted to use Touch ID to complete the transaction. While a little more involved than a credit card transaction, FIS has said that customers "can complete their withdrawals in 10 seconds". This approach will also help to reduce the amount of credit card skimming by removing the need for a physical card to be presented at the ATM.
Since launching in several cities back in January 2015, 34 banks have actively used FIS Cardless Cash with millions of dollars in transactions successfully processed. FIS Cardless Cash will be progressively enabled at over 70,000 Payment Alliance ATMs across the US.