Here’s another use for the smartphone as it invades daily life: in place of your debit card at your bank cash machine. The “cardless” automatic teller machine (ATM) is gaining ground in the US and around the world, with smartphone technology allowing for speedier and more secure transactions. Dozens of US banks are installing new ATMs or updating existing ones to allow customers to order cash on a mobile application and then scan a code to get their money without having to insert a bank card.
US banking giants Wells Fargo, Bank of America and Chase are in the process of deploying the new ATMs, as are a number of regional banks and financial groups around the world. Makers of ATMs and financial software groups are ramping up to meet this demand. “We think our model (using smartphones) reduces a lot of vulnerabilities,” said Doug Brown, who leads mobile technology for FIS Global, a major provider of software and technology for ATMs. READ MORE