It’s coming soon, the cardless ATM.
Reports from CNN and other news sources have been raving about this.
Imagine getting cash out without having to use a debit card.
Just like using a “remote control for the ATM,” you will soon be able to log onto a mobile app, indicate the amount of money you want and receive it in seconds from an ATM. No debit card necessary — all you need is your phone, financial services giant FIS announced at the Money2020 conference in Las Vegas this week.
Three small banks are testing it out.
It’s a way for banks to attract more tech-savy younger customers.
Here’s how it works: Using an app on your phone, you can place an order for cash as far as 24 hours in advance or up to seconds before the transaction, like while you’re waiting in line to use an ATM.
The only concern is safety.
Iphones are frequently targeted by thieves. But, the developers of cardless ATMs say if someone steals your phone, they can’t just open the app, they have to enter a passcode.
Thieves would also need to know your bank account information and pin number.
But, it’s still in the testing phase as CNN says.