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Heading to the ATM? Make use of your smartphone instead of debit card

Growing number of cardless cash machines utilizing smartphones instead of ATM cards
By: Michael Hatamoto | Mobile Devices, Tablets & Phones News | Posted: Jan 19, 2015 9:02 pm

Smartphones are virtually everywhere in the United States, and some banks are rolling out "cardless cash" ATMs that dispense money to consumers using their smartphones.

 

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Wintrust Financial pairs its mobile app with the ATM, so consumers choose how much money they want to withdraw, sign into the mobile app using a four-digit PIN or password, and select the cardless cash option. From there, they touch the "cardless cash" button on the ATM screen, scan a QR code, click submit, and the ATM will provide the funds. Consumers only need to touch the ATM screen once - and provides a faster, streamlined option than inserting an ATM card.

 

"We anticipate the increasing convergence of ATMs and mobile banking," according to Mercator Advisory Group's "2015 Outlook: Banking Channels" report. Early testing reveals no significant problems - and if the smartphone is lost or stolen - the criminal would need a PIN/password to unlock the device, and know the password for the mobile app.

NEWS SOURCES:Detroitnews.com, Trbimg.com

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