PayPal Stories Archive

We continue to expand our offerings for consumers and our relationships with financial services providers to make it easier for people to gain access to their money. Today, we’re excited to share that thanks to an ongoing collaboration with FIS™, a global leader in financial services technology, together we have the ability to deliver cardless cash ATM access in more than 2,000 locations today in the US through FIS Cardless Cash®.

 

This collaboration was made possible by PayPal’s Paydiant team, which was acquired in April 2015. As a Paydiant co-founder, I know that PayPal acquired us not only for our expertise in mobile payments, but also because of our unique, patented approach to cardless cash access and strong relationships with banks, debit networks and financial service providers, such as FIS. Since the acquisition, our momentum with cardless cash has continued. Over the past year, the solution has securely processed millions of dollars in withdrawals and hundreds of thousands of transactions across the U.S.

 

Cardless Cash is currently used by more than 20 banks including BMO Harris, Wintrust, WSFS, Salem Five and Avidia Bank, and is expanding to a shared network of ATMs that all banks can access with FIS enabling the more than 80,000 ATMs it operates and expanding to more ATMs connected through its NYCETM network. We have aggressive plans in place to expand cardless cash access to banks and consumers around the world.

 

PayPal, Paydiant and FIS share the vision of ensuring consumers and businesses can quickly, simply and securely transact no matter where they are. Importantly, we also believe in providing technology that lets banks strengthen their customer relationships by building compelling capabilities into their own mobile banking apps. The collaboration with FIS – one of the world’s largest providers of technology to banks – allows us to offer a solution that enables any bank to build cardless cash access into their own mobile banking apps on both iOS and Android and without needing to upgrade all of their ATM machines.

 

As Dan Schulman discussed at Money 20/20 last October, we believe in empowering people to easily access their money no matter where they are, where they shop, or what their financial status is. PayPal is working towards this vision by developing technologies that provide consumers and businesses easy and secure ways to transact in-store, in-app, or online—anytime they want. And our collaboration with FIS is an important piece of this strategy.

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