Stay tuned with CashEssentials news ! - beyond payments
By subscribing, you accept our Privacy Policy.

Cardless ATMs spreading in the US

Categories : Cash is efficient, Innovation contributes to the efficiency of cash
May 17, 2017
Tags : ATM, ATMs, Electronic, US, User-friendly
Cardless ATMs are becoming the norm in the US. After Bank of America and JPMorgan, Wells Fargo has deployed cardless ATMs across the country, replacing its entire network.
Communication Team / Equipo de Comunicación

A few weeks ago, the American bank Wells Fargo launched its new cardless technology, enabling its customers to retrieve cash 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 money, 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.