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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.
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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."
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Michael Ogden
Editor-in-Chief at CU Times. To connect, email at [email protected]. As Editor-in-Chief of CU Times since 2016, Michael Ogden has led the editorial team in all aspects of content strategy and execution, including the creation of the publication’s exclusive and proprietary research database of the credit union industry’s economic landscape. Under Michael’s leadership, CU Times has successfully shifted to an all-digital editorial product with new focuses on the payments, fraud, lending and regulatory beats. Most recently, he introduced a data-focused editorial product for subscribers that breaks down credit union issues into hard data, allowing for a deeper and more factual narrative for readers. In 2024, he launched the "Shared Accounts With CU Times" podcast, which offers a fresh, inside-the-newsroom perspective through interviews with leaders from the credit union industry and the regulatory world. He dives into pressing credit union issues, while revealing the personalities working behind-the-scenes to push the credit union world forward. His background includes years as a radio and TV anchor/reporter and a public relations and digital/social media manager, where he covered the food and music industries, as well as cooperatives and credit unions. Over the years, he has launched numerous exclusive video and podcast series, including a successful series of interactive backstage interviews with musicians at music festivals, showcasing his social media and live streaming production skills.
