Business & Tech
Wellesley Business Awarded Patent for Smartphone ATM Transactions
Use your phone to scan a code to make cardless transactions such as withdrawals.
Paydiant, a company based out of Wellesley, has been given a patent that will allow clients to use their smartphone to make ATM transactions.
According to The Wall Street Journal's Market Watch, this cardless solution will speed up transactions and improve security by eliminating card skimming and PIN number theft. The user can get cash by scanning a QR code displayed on the ATM with their smartphone.
The product has been deployed by Wintrust Financial Corporation and City National Bank in partnership with FIS and Diebold.
Paydiant's headquarters are located at 40 Walnut St., Wellesley.
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