First In-Market Activation of Mastercard Cash Pick-Up™ for Simple and Immediate Access to Funds
During the initial program, Viamericas agents across the country will begin receiving their weekly sales incentives in cash from any enabled domestic ATM. The difference is they won’t need a debit card or bank account, thanks to this new service. When funds are made available, Mastercard Cash Pick-Up users receive a text message with an order number, a four-digit PIN and directions to the nearest enabled ATM, where they can withdraw the cash immediately.
“For decades, ATMs have required two things – bank accounts and plastic cards,” said Dan Goodman, senior vice president, ATM Product Management, Mastercard. “Cash Pick-Up is evolving ATMs by using advanced digital technology to enhance the consumer experience – providing easy access to money sent to them anywhere, anytime.”
The Viamericas program is a service of Cross River, available through more than 5,000 independent ATMs across the United States. Thousands more ATMs will be enabled with the Mastercard Cash Pick-Up technology by 2019.
“Cash Pick-Up is the latest addition to our suite of disbursement services which we are bringing to market that gives our clients choice over speed, cost and method to send funds to their employees and customers,” said Gilles Gade, CEO, Cross River. “This service supports a variety of use cases, such as compensating gig employees, reaching the underbanked, and disbursing emergency funds.”
Mastercard Cash Pick-Up provides banks, merchants and money transfer providers a way to replace lost or stolen wallets with instant cash, as well as efficiently distribute bonuses, rewards and rebates.
“The Viamericas incentive program is giving our agents the opportunity to experience this new cash-out channel and see the potential for increased transactions through a much broader consumer base clamoring for more choice – particularly the 90 million people in the United States who are unbanked or underbanked,” said Paul Dwyer CEO, Viamericas.
Viamericas plans to expand its use of Mastercard Cash Pick-Up Service to its thousands of agents across the US.
Additional information about Mastercard Cash Pick-Up is available at mastercard.com/cashpickup.
Mastercard (NYSE: MA), www.mastercard.com, is a technology company in the global payments industry. Our global payments processing network connects consumers, financial institutions, merchants, governments and businesses in more than 210 countries and territories. Mastercard products and solutions make everyday commerce activities – such as shopping, traveling, running a business and managing finances – easier, more secure and more efficient for everyone. Follow us on Twitter @MastercardNews, join the discussion on the Beyond the Transaction Blog and subscribe for the latest news on the Engagement Bureau.
Viamericas is a #1 ranked* and licensed money transmitter offering international money transfer, bill payment, check processing and top-up services at thousands of agent locations across the United States, and over 90,000 locations in 29 countries for cash payout or direct deposits to bank accounts. Viamericas is authorized to do business in all 50 US states. Viamericas’ online money transfer site and mobile app, Vianex, allows customers to safely, easily and affordably send money 24/7 from the U.S. to Mexico, Central and South America, the Philippines, India and other countries. Corporate site: www.viamericas.com *https://www.thedialogue.org/resources/remittance-transfers-scorecard-2016-test/
About Cross River
Founded in 2008, Cross River is a New Jersey State Chartered FDIC-insured bank. The company is VC funded from three well-regarded investors (Battery Ventures, Andreessen Horowitz, and Ribbit Capital) and has developed strategic partnerships with fintech leaders to build fully compliant and integrated solutions for payment processing and marketplace lending and arenas. As disintermediation and financial independence increasingly fuel the new economy, Cross River is uniquely positioned to service both the established giants and the growing list of new entrants into these sectors. Corporate website: www.crossriverbank.com.
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