Some banks are getting smarter! New technology will allow upgrades to ATM machines to allow transactions using a mobile app instead of a debit card.
In an article by The Boston Globe, the technology behind this new feature not only makes ATM transactions faster, but also safer. Banks lose up to $1 billion a year through skimming fraud at ATMs and this new technology fights that problem. Customers can withdraw from an ATM by inputting the dollar amount on their smartphone and receiving a special code, which can be scanned when they get to the ATM and that’s it—the ATM dispenses the cash and sends your receipt to your phone!
Cardless ATMs appeal to millennials in particular, who happen to be the only generation that does not remember life without mobile devices. The age group over-indexes on smartphones use compared to others, so it only makes sense that banking “smartly” is another mobile priority.
Learn more here.