Banks Prepping Smartphone-Enabled ATMs

[cdmagurus.com]

JPMorgan Chase and other banks are readying next-generation ATMs that will allow people to withdraw funds using their smartphone. Chase said the first series of new ATMs will grant access to cash through the Chase mobile app, and will require a code. The second series of new ATMs will support NFC, allowing smartphone owners to tap their handsets to ATMs in order to initiate transactions. These machines will continue to support ATM cards, but will offer mobile access as an option. Chase also plans to increase the amount of cash customers can withdraw during banking hours, as well as expand the list of services available at ATMs, such as cashing checks and completing mortgage payments. Bank of America and Wells Fargo have similar projects underway, reports TechCrunch. Jonathan Velline, who is in charge of Wells Fargo's ATM business, said, "We've been working on the technology that allows us to hook to digital wallets, leveraging NFC on mobile phones to replace the card at the transaction at the ATM. Right now the wallet that we support is Android Pay," Velline implied that Wells is also working on Apple Pay. Bank of America confirmed it is "currently developing a new cardless ATM solution. This solution will enable customers to leverage NFC technology on their smart phone in order to authenticate and complete transactions at a Bank of America ATM." Bank of America is targeting late February in select markets (New York, San Francisco, Boston) and will expand over time. Chase and Wells Fargo did not provide timelines for their smartphone-enabled ATMs.


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