A few weeks ago, the American bank Wells Fargo launched its new cardless technology, enabling its customers to retrieve cashMoney in physical form such as banknotes and coins. More at the ATM without a card via their smartphone. The new digital system has replaced the bank’s 13,000 ATMs across the country.
To access their moneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More, customers request a one-time code composed of 8 digits through the bank’s mobile app and enter it alongside with their usual PIN code at the cash machine. This new service is not only more convenient but also more secure for Wells Fargo’s 20 million mobile customers. Indeed, removing cards will prevent data theft and card skimming. Furthermore, clients have to use their fingerprint to open the app, thus adding an extra security level.
This new technology has already been implemented by Bank of America and JPMorgan Chase last year, but Wells Fargo is the first bank to apply it to its entire network. Brett Pitts, head of Wells Fargo virtual channels, declared that the company firmly believes that the future of ATM will be card-free. The mobile functionality provides consumers with a new and modern way to manage their cash.