Pin4™ has acquired a majority equity ownership stake in HalCash International (HCI), the developer and owner of the HalCash system—a patented, mobile-phone-based technology enabling real-time cardless cash withdrawals at ATMs without the need for a credit card, debit card or bank account.
The system provides access to more than 8,000 ATMs throughout Spain and is used by financial institutions, marketing companies, remittance companies and other businesses to deliver real-time cash payments to their customers. In 2016, HCI conducted more than 800,000 transactions and is expected to exceed 1 million transactions in 2017.
In 2015, Pin4 brought the HalCash system to the U.S under the Pin4 brand. Pin4’s controlling interest provides for an accelerated growth strategy that will aggressively expand the system into new countries to create a global cardless cash network. This expansion turns ATMs into mobile money terminals by combining the 4.8 billion global mobile phone users with the 3 million globally deployed ATMs, according to GSMA and ATMIA,respectively.
The system allows for for cardless disbursement of in-country and cross-border transactions such as person-to-person transfers, emergency cash, disaster relief, and consumer promotions and rewards. The system is secured by a patented dual-pin authorization process, which gives disbursing companies access to a complete consumer base—the banked, under-banked and unbanked communities.
“Today’s consumers are both mobile-centric and global,” said Richard Witkowski, CEO of Pin4, in a prepared statement. “The ability to disburse funds to this consumer base regardless of card and bank status is invaluable to our customers—from retailers and marketing companies to banking institutions and remittance companies. Pin4 was built to meet this need. And, now, we are properly positioned to rapidly take this capability global.”