Arriving at the cash dispenser, taking out the card, inserting it (a few seconds pass before the machine reads the magnetic strip and the software executes the following process), finally it asks for the PIN to be entered (more seconds of process)… And so until the money finally appears, we wait for the card to come out, and finally we leave. Can you imagine getting to the cash machine, bringing your iPhone or Apple Watch closer and withdrawing cash immediately ? Well, that reality will arrive in the United States this very year.
We know that contact-less ATMs have been in operation for some time now and it is true that it is much more convenient to bring the wallet close to the reader and enter the PIN, than the traditional process described above. But it seems that in that country three large banks are already working on developing the possibility of withdrawing cash from ATMs using Apple Pay and Android Pay, and it would be a system that we would see in operation this year .
“It’s about offering a more convenient solution to customers so that they don’t have to rely on the card ,” explained Michael Fusco, spokesman for Chase, one of the banks involved in the project. In short, we only need the mobile phone as a means of identification. They are considering using two phases: a first phase, which does not require the modification of the ATM, and which consists of using the bank’s app to read the QR code on the screen and identify the user allowing the money to be withdrawn.
But the one we find most interesting is the second one, which involves a change of the ATMs to which NFC readers will be added so that the cash withdrawal is faster and by the simple approach of the iPhone, and we understand that it would also be possible with the Apple Watch. As we have pointed out, the entities involved plan to present this possibility this very year.