Walk into an ATM and withdraw cash using your smartphone. Yes, you heard that right. In a major transformation exercise, Wells Fargo Bank has upgraded more than 5,000 ATMs across the United States. The technology enables customers to access their accounts and even withdraw cash by using their smartphones instead of debit cards.
This is a revolutionary move after its initial step to allow customers to access ATMs by simply generating a unique code in the bank’s mobile app.
The new technology comes with a Near Field Communication model that allows customers to just tap their smartphone that is configured with Apple Pay, Samsung Pay or Android Pay, instead of the traditional way of swiping or inserting a debit card in an ATM. However, the bank stated that customers will still have to enter their PIN in the machine to complete the transaction and withdraw money.
This feature reduces the chance of losing debit cards, as customers don’t need to carry the actual cards with them. Most of the smartphones can store the debit card details in them that customers can use at the ATMs for transactions.
As a part of its future plans, the company intends to upgrade another 13,000 ATMs across the country by the year 2019.