Cross River Bank, a New Jersey-based financial institution, has launched MasterCard Cash Pick-Up. Cash Pick-Up allows banks and their disburser partners to deliver ATM cash to any vetted consumer — banked or unbanked — without the use of a card.
With MasterCard Cash Pick-Up, the business or individual initiating the transaction creates a cash pick-up order, which alerts the FI to issue payment to the recipient.
Within seconds, the designated recipient receives a unique code via text. Upon entering the code in an enabled ATM, the recipient can retrieve the cash without using an ATM or debit card.
“At Cross River we pride ourselves on bringing new payments products and services to market quickly and are pleased to add MasterCard Cash Pick-Up to our existing suite of services,” Ben Isaacson, Cross River SVP and General Manager, said in the release. “With this launch, Cross River continues on the path of being first to market with new payment products that enable our business partners to disburse funds with increasing efficiency.”
MasterCard Cash Pick-Up enables:
- Instant delivery of rebates from corporations to their customers.
- Emergency cash for stranded friends or family members who need funds to get to their destination.
- Cash for disaster and aid relief.
- Disbursement of social benefits.
- Person-to-person domestic transfer of money to un- or underbanked recipients.