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You could soon get cash from ATMs using Apple Pay
By Fast Company
You could soon be able to withdraw cash from ATMs using Apple Pay, negating any need to carry a credit or debit card around with you, reports TechCrunch. According to its sources, Bank of America and Wells Fargo are both working to enable Apple’s digital wallet service to withdraw cash from ATMs by placing their iPhones near the cash machines and authenticating their withdrawal with the device’s Touch ID fingerprint reader.
Without mentioning Apple Pay by name, Wells Fargo’s head of ATMs Jonathan Velline told TechCrunch “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.” Velline did confirm that Android Pay will be supported, however. But when TechCrunch pressed harder for confirmation as to whether Apple Pay would gain ATM support Velline said, “I think that’s a good assessment.”
A Bank of America spokesperson also implied that Apple Pay support was coming to its ATMs, telling TechCrunch they are “currently developing a new cardless ATM solution. This solution will enable customers to leverage NFC (near field communication) technology on their smartphone in order to authenticate and complete transactions at a Bank of America ATM.”
Being able to use Apple Pay at ATMs would be a huge boon for iPhone users who use the company’s digital wallet service. Currently the service can be used at hundreds of thousands of locations in the U.S. and U.K. However, having your wallet with you is still a necessity for those times you need to get cash out. Being able to withdraw cash from ATMs using the iPhone means the physical wallet could be something we no longer have to carry.
As TechCrunch notes, using Apple Pay at cash machines offers more benefits than just leaving your wallet behind. It could also improve the safety and security of cash withdrawals since both the account holder’s iPhone and fingerprint would be required to withdraw money, ensuring the actual owner of the account was at the machine. Currently anyone with your debit card and four-digit pin can withdraw cash from your account. Apple Pay at ATMs could also thwart the use of card skimmers—devices used by fraudsters inserted into ATM machines that trick users into entering their cards and PINs.
Neither Bank of America or Wells Fargo would say when Apple Pay ATM support is coming, but a Bank of America spokesperson said cardless ATMs will begin to appear in Silicon Valley, San Francisco, Charlotte, New York, and Boston in late February and roll out to the rest of the country starting mid-year.
This article was originally published by Fast Company.
Photo: daniel lobo