Fidelity National Information Services
) announced that its new Cardless Cash Access solution has been
Wintrust Financial Corp
The Cardless Cash Access is the latest enhancement to the FIS
Mobile Wallet Platform. Leveraging this technology, users can now
withdraw cash from ATMs by using their smartphones. The
technology facilitates secured transactions by using quick
response barcode (QR code) and a mobile app. To provide this
service, Fidelity has collaborated with Paydiant and
The user scans the QR code displayed on the ATM screen with
the smartphone camera, and can withdraw cash by selecting the
account number. The system generates an e-receipt after the cash
is dispensed from the ATM.
Moreover, the FIS Mobile Wallet is readily accessible through
most smartphones and can be easily integrated into retailers' and
financial institutions' existing mobile applications. Smartphone
users are only required to download an application from their
financial institution or retailer, attach their payment card
information and then use the solution for cash withdrawal or
Additionally, the FIS Mobile Wallet requires no payment
credentials such as pin numbers or temporary authorization codes.
So these need not be stored on the smartphone or shared with the
POS device at any point of the transaction. This makes the whole
transaction process secure and more customer friendly.
As more and more financial and banking institutions look to
differentiate their services by providing mobile banking, we
believe that increasing investment on such technology will boost
Fidelity's client base going forward.
However, we note that Fidelity is a late entrant in the mobile
payment market, which is already crowded with big banks and
telecom providers with their own products such as ClearXchange,
) Wallet, ISIS, Visa and PayPal, thus making it difficult for the
company to drive significant growth in the near term.
Moreover, increasing consolidation in the banking sector, a
challenging environment for the Payments Solutions business and
an uncertain regulatory environment are the other headwinds.
Currently, Fidelity has a Zacks Rank #4 (Sell).
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