Mastercard Cash Pick-Up lets anyone with a cell phone, even those without a bank account, withdraw cash from a nearby ATM.
The Mastercard service and other card-less programs from providers such as Google Pay and Apple Pay are part of a nascent trend among traditional financial services firms to reach "unbanked" or "underbanked" Americans, according to John Breyault, vice president of public policy at the National Consumers League.
While the technology is new, Mastercard is steadily growing its network of ATMs in the U.S. that can facilitate cash transactions with a phone. Mastercard also plans to launch with several car retailers in the coming weeks, Witkowski said. That would allow consumers who earn cash rewards from a business — say, a $100 rebate for taking a test drive — to instantly access that money without waiting a week or more to get a debit card in the mail.
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