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It seems that SmartPhones are getting new uses on a daily basis. The most recent use being withdrawing of money from Automated Teller Machines (ATMs) at least it is operational in the United States. Imagine withdrawing money from your bank account using your smartphone. You will no longer worry about forgetting your Personal Identification Number (PIN) or card skimmers using their tricks to steal your personal information.

ATM Machine. Source: wikimedia commons

At the global stage, Payment Alliance International and FIS are at the frontline in the provision of ATM solutions. At the end of last week, these two companies announced their launch of a new partnership that makes it possible to withdraw cash using Smartphones at 70,000 ATM terminals in the United States. This marks the beginning of cardless cash withdrawals. The technology will be used by gas stations, retailers as well as convenience stores.

In this new technology the user’s fingerprints will be used for authentication via the Touch ID sensors on some Smartphones. The whole cash withdrawal process is reported to take just 10 minutes up to completion.

The Bank of America is also reported to have collaborated with Apple Pay to allow users withdraw cash at specific ATM points which have been made compatible with the mobile money payment systems.

The BMO Harris based in Chicago rolled out this new technology in their 750 ATMs. It seems Wells Fargo and Chase is next in rolling out the technology.

The Economic Times of India recently reported that Diebold – the ATM manufacturer – is working on testing teller machines without keypad or screen. This purely dispenses cash through use of Smartphones.

The new technologies have placed the PIN pad and card readers in the form of smart devices. This is expected to provide a better user experience for bank customers. There will be no need to print transaction receipts.

Advantages of Smart-Phone System:

  1. It will reduce the time required to carry out a transaction
  2. It will deal with the problem of scammers
  3. Increased security through use of finger-print authentication
  4. Reduced ATM operating costs for the banks

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