Paydiant Patents Use of QR Codes for Cash Withdrawals at ATMs

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Mobile payments services provider, Paydiant says that it has been granted a patent in the USA covering the use of a mobile phone to process cash withdrawals from a cash machine (ATM).

The patent describes how consumers can use QR codes displayed on the ATM with their smartphones, instead of their debit or credit cards, to withdraw cash. Because it is software-only, it can be deployed without installing additional hardware on ATMs.

Paydiant added that its software also increases security by eliminating the risks associated with card skimming and PIN theft at the ATM.

As described in the patent, an ATM code or token is obtained by a mobile device and used to associate an end user and their payment accounts to a transaction at an ATM. Users can pre-stage cash withdrawals on their smartphone and then identify themselves at the ATM by scanning the transaction specific QR code that signals the ATM to dispense cash via an encrypted connection to the cloud.

This is the second patent awarded to Paydiant involving mobile wallets and payments.

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