Expanding Contactless ATM Transactions: Co-op Solutions Plan
The decision comes as more than half of Americans now use some kind of contactless experience.
The tap-and-go payments lifestyle appears to have finally caught on as consumers across the country are using their contactless debit and credit cards at the point of sale. According to a recent consumer poll conducted by Mastercard, 51% of Americans are now using some form of contactless, including EMV chip cards.
With that knowledge in mind, officials with the Rancho Cucamonga, Calif.-based Co-op Solutions are planning a hefty expansion of its contactless world into ATMs this year and expanding that reach into 2024.
Details of the expansion, released Nov. 15, stated Co-op Solutions newly-launched Contactless ATM Access will be enabled on all NCR Atleos terminals now and Diebold and Hyosung terminals in 2024. The only requirement for credit union members to use the new Contactless ATM Access, according to Co-op Solutions, is members “own a contactless Visa or Mastercard EMV card, anyone can initiate a contactless ATM transaction at an enabled machine in the Co-op ATM network.”
According to Co-op Solutions, the average contactless transaction takes approximately 15 seconds. That is more than 50% faster than a swiped magstripe card, and 35% faster than an inserted EMV card.
“When micro moments like an ATM visit are made more elegant for members, credit unions chip away at the notion that bigger is better,” said Co-op Chief Product Officer, Bruce Dragt. “To say nothing of the speed, convenience and security of RFID, consumers love the novelty of tapping a card. It feels fresh and modern. Sliding tiny, tech-centric moments into everyday money management is just one of the many ways Co-op credit unions are becoming more embedded into their members’ daily financial lives.”
While not part of this initial release, officials at Co-op Solutions said digital wallets are being considered for the Contactless ATM Access product enhancement roadmap. “Once enabled, ATM visitors will be able to tap their phones or wearable devices on an enabled ATM’s NFC reader to initiate a transaction,” stated Co-op.
The statement continued, “Any Co-op ATM Terminal Driving credit union participant that owns or leases terminals with NFC card readers and the right software onboard can add Contactless ATM Access. Co-op will roll out Contactless ATM Access to each ATM brand in a phased approach, with NCR Atleos machines coming online by the end of 2023, followed by Diebold and Hyosung terminals. There are no API integration requirements for credit unions or ATM vendors.”