Mastercard Cash Pick-Up
Americans may soon be able to withdraw cash from ATMs around the country just by using a smartphone. Mastercard and a technology partner, Pin4, have been rolling out a service over the past several months called Mastercard Cash Pick-Up, which gives anyone with a cell phone fast access to cash. Consumers can withdraw money sent by friends and family, get cash in emergency situations (in the event of a lost bank card, for example). They can also redeem rebates or other cash rewards that until now have been sent via checks in the mail. This is a big benefit for those without a bank account or debit card, but there is also some fear of possible security risks.
Here’s how the service works. Users receive a text message with an order amount, secret code and link showing the nearest ATM from which they can withdraw money. Withdrawals are limited to $500 per order and $3,000 a day.
More than 32 million U.S. households are considered “unbanked” or “underbanked”. They often turn to services such as payday loans to help make ends meet. These families are predominantly lower-income, less-educated and minorities. Other banks may allow their customers to withdraw cash with a phone, but Mastercard new technology can issue cash to non-customers as well.
Mastercard is steadily growing its network of ATMs in the U.S. that can facilitate cash transactions with a phone. A new deal with the company FCTI, which manages the ATM network for 7-Eleven’s chain of 8,000 convenience stores, would bring Mastercard’s total footprint to around 80,000 automated tellers nationwide within a few weeks.
Chase Sapphire Preferred® Card
Chase Sapphire Preferred® Card is the old king of travel rewards cards. Right now
bonus_miles_full
Learn more about this card and its features!
Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.
