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Banks ditching ATM cards for Card less ATMs in a New banking technology drive - Alldamoney

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Banks ditching ATM cards for Card less ATMs in a New banking technology drive


Conventional ATMs to be phased out by banks 

DA Money Maker - Report reaching us that banks plan to ditch your usual plastic ATM card in favor of a mobile option, which would enable you to take out money using your cell phone.


The new technology would enable customers to withdraw cash using only the banking app therefore removing the need for a digital wallet.
Banks will equip ATMs with what is called "near field communications," this device allows most smartphones to pair a "digital wallet" with the ATM machine. Apple Pay currently uses NFC to process payments.


The only bank to launch the technology in select cities So far, is JPMorgan Chase with Bank of America and Wells Fargo plan to follow suit later this year.
Most customers interviewed by DA Money Maker about this technology aired their concern about the safety of their cash.

To support their concern, a man who’s been using the technology said he noticed that his online Chase account had been compromised and $3,000 had been withdrawn from a card less ATM in another city back in November.
The man was told that someone had written a check for the missing $3,000 when he visited his local Chase branch and that the person used the bank’s app to “hack” his account then used one of the company’s card less ATM to finish the transaction.

Customers are able to withdraw up to $3,000 per transaction using the new system by just input a six-digit code found on their Chase mobile app, as well as their PIN.

Video on how to use the card less ATM


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