Mobile ATM Withdrawals Coming to BofA, Wells Fargo, Chase (Feb. 1, 2016)
Apple Pay is on its way to thousands of ATMs across the country. Bank of America and Wells Fargo are working on integrating the mobile payments service into their ATMs, according to a report by TechCrunch. Both banks have assigned engineers to add Apple Pay functionality, the report notes. Neither Bank of America nor Wells Fargo have revealed specifics of their plans to integrate Apple Pay at ATMs, but the service could use the iPhone’s thumbprint verification feature and/or a passcode delivered to the phone to verify a user’s identity. Wells Fargo told TechCrunch it also is working to add Android Pay functionality to its ATMs, and likely would add support for additional mobile wallets in the future. Bank of America said it will begin piloting NFC at ATMs in late February in select cities, including San Francisco, Silicon Valley, New York, Boston and Charlotte, with a broader rollout by mid-year.
Meanwhile, JPMorgan Chase soon will roll out new ATM machines that enable customers to withdraw cash using a code delivered via the bank’s mobile app—and eventually will add Apple Pay and Android Pay functionality, according to the New York Post. The so-called eATMs have been installed since last year in test runs at 156 New York City-area Chase branches and will roll out across the bank’s 15,500-strong nationwide ATM network later this year.
For banks, offering ATM withdrawals via mobile NFC isn’t just a matter of providing greater convenience for customers—it’s also about security. Mobile wallets aren’t susceptible to card skimmers—devices that fraudsters can fit over ATM card slots to steal information from the magstripes on plastic cards. Mobile pass codes also can be longer and more complex than the four-digit PINs used for plastic cards. Cardless ATM functionality first hit the U.S. market more than a year ago, when FIS and Wintrust Financial debuted a withdrawal service based on the Wintrust mobile app and QR codes at nearly 200 ATMs in the Chicago area. Fiserv’s CardFree Cash service was named a Change Agent of the Year in the 2016 Pay Awards.
Related stories:
