Around 2,000 ATMs in the US are expected to offer ‘card-less’ cash withdrawal services this year - allowing their users to order cash on their smartphone and withdraw at ATMs via codes, fingerprints or retina scans. Yes, the future has arrived.
The cardless ATMs will be run by 28 banks (for now), which include Chase and Bank of America. According to IBTimes, Doug Brown from FIS Global predicts "cardless technology [will] appear at as many as 80,000 machines across North America in the next 18 months".
If this realises, then it is interesting for cash supporters as the decline of a once novel plastic payment method further illustrates the perseverance of tangible cash.
"We think our model reduces a lot of vulnerabilities"
The main benefits of the new careless ATM technology, are the prevention of ’skimming’ and the added security of a quicker transaction.
Regarding the former, the new system would avoid skimming losses - which occurs when ATM villains steal data and money from people using illegal devices in the card slots. Regarding the latter, Brown declared that the new process would more than half the time that one would normally spend withdrawing.