Fiserv has teamed up with NCR Atleos Corporation to enable consumers to pay utility, phone, cable, and other bills in cash at thousands of ATMs located in US retailers, grocery stores, convenience stores, and pharmacies.

According to the press release, the global payments and financial technology solutions provider will extend its CheckFreePay network to include Atleos' network of ATMs. The duo aims to cater to consumers who prefer cash transactions for convenience and accessibility.

Expanding Cash Payments

Initially available at thousands of Atleos' ATMs already accepting cash, the bill payment service is expected to grow as more ATMs are deployed across the United States. This expansion broadens consumers' access to bill payment facilities and enhances operational efficiency for merchants.

Brian Seemann, the Senior Vice President of Biller Solutions at Fiserv, mentioned: "Many consumers prefer to pay bills in person in cash, and CheckFreePay helps them streamline financial tasks with multiple ways to pay in places they visit every day."

"Adding a self-service bill payment option at thousands of Atleos' ATM locations will expand consumer access to these capabilities while enhancing efficiency and increasing foot traffic for merchants."

Fiserv Inc. is expanding its network for in-person bill payment to include the ATM network of NCR Atleos. Cash-preferred consumers will be able to pay a wide array of household bills simply and securely. Read more in the Newsroom: https://t.co/dqjARY8i3T pic.twitter.com/cbOHNaS4sy

— NCRAtleos (@ncratleos) February 14, 2024

By shifting cash payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term from traditional in-store counter transactions to self-service ATMs, merchants can automate transactions, optimize store operations, and capitalize on increased users, Fiserv mentioned.

Fiserv’s Strong Financial Performance Fuels Expansion

Last year, Fiserv reported impressive financial results for the third quarter of 2023, highlighting a significant increase in revenue and earnings per share (EPS).

The company's revenue surged 8% year-over-year to $4.87 billion, with notable growth in its Acceptance segment, which increased 12%. Additionally, Fiserv's fintech and payments segments grew 4% and 5%, respectively.

The company's GAAP EPS experienced a remarkable surge to $1.56 in Q3 2023 and $3.54 in the first nine months of 2023, marking increases of 108% and 32%, respectively, compared to the previous year. Fiserv's GAAP operating margin also showed substantial growth, reaching 30.8% in Q3 and 25.2% in the first nine months of 2023.