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Mastercard Cash Pick-Up Feature Lets You Withdraw Money with Your Phone

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Mastercard Cash Pick-Up

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.

Disclosure: Miles to Memories has partnered with CardRatings for our coverage of credit card products. Miles to Memories and CardRatings may receive a commission from card issuers.

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DDG
DDGhttp://dannydealguru.com
Based in NYC. Points/miles enthusiast for years and actively writing about it for the last 6+ years at Danny the Deal Guru. I'm always looking out for deals. Making a few bucks is always nice, but the traveling is by far the best part of this business.

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