Your Smartphone Is All You Need To Withdraw Cash From ATM [VIDEO]

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With the rapid increase in Technology for money transfer, cash withdrawals are also catching up, of late. Wells Fargo and Bank of America are offering ATM services through the smartphone without the debit card. If all goes well, soon all banks shall adapt to the new technology for cash withdrawals at ATM.

As per The Verge, Wells Fargo said that the company will be updating its 13000 ATM machines with the new technology that drives the cardless transactions. There is a two-step authentication process for cash withdrawals. A 4-digit PIN for the ATM and another 8-digit pin generated by Wells Fargo to access their account.

The move apparently reduces the rising frauds on ATM machines. The technology will nullify criminal frauds, skimming of ATM machines, which reads the card information and resulting in data thefts. Wells Fargo lost its credibility when some of its employees created a Two million fake accounts to boost the sales figures. With the new ATM withdrawal technology in place, the company hopes to serve the customers in a swift and secured way.

According to Tech Crunch, both Bank of America and Wells Fargo are initially integrating their ATM with Apple Pay. Apparently, Engineers of both firms are working on the projects for months to get this technology streamlined. They are developing applications that can work with QR Code and then generate a passcode. Or they will embrace NFC technology to generate the passcode when approaching the ATM machine. It is still unclear which technology will be followed by the banks.

Customers have several advantages of migrating to this piece of technology like secure transactions, ATM withdrawals without a debit or credit card or when lost, authentication using fingerprint sensor and etc. Within a couple of years, more banks are expected to offer cardless transactions. This, in turn, may even spark entirely moneyless transactions in the future. Who knows! We have to wait, watch and adapt ourselves to new and better technologies.