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US Banks To Test ATMs Which Accept Your Smartphone Instead Of Cards (ibtimes.co.uk)

Posted by BeauHD on from the gimme-your-smartphone dept.

Dozens of banks in the US are updating their ATMs, or installing new ones, in order to allow customers to withdraw cash without using bank cards. A new cardless system will be rolled out at around 2,000 cash machines across the US, operated by at least 28 banks, including giants like Wells Fargo, Bank of America and Chase. Under the new system, people can order cash on an app on their phone, and then scan a code at the ATM to receive their money, all without inserting a card or entering a PIN. The developers of the system insist that smartphone technology makes for faster and more secure transactions. More banks are expected to adopt the technology soon.

5 of 148 comments (clear)

  1. Sounds a bit sketchy... by Frosty+Piss · · Score: 4, Insightful

    I'm not really technically competent to make a valid argument against this, but my "gut" says... No! Maybe I'm just an ignorant Luddite that longs for my black rotary phone, but my uneducated imagination flows over with ideas and visions of how wrong this could go. My new ATM card has a chip, I'll stick with that for the time being.

    --
    If you want news from today, you have to come back tomorrow.
    1. Re:Sounds a bit sketchy... by TapeCutter · · Score: 5, Insightful

      Many people in poor nations do not have access to banking facilities but they do have a mobile phone. Paying for things via your phone (as opposed to a card) is the normal way of doing business for a large chunk of the world's population.

      --
      And did you exchange a walk on part in the war for a lead role in a cage? - Pink Floyd.
    2. Re:Sounds a bit sketchy... by rtb61 · · Score: 4, Insightful

      So basically, you give up your wallet and the threat of being mugged for the cash in your wallet for, hmmmm, for log in access to your phone banking account and transfer money or else and what happens after money transferred, how to keep you silent, hmmm, let me think. Yeah, nah, fuck off with the crazy idea of carrying around my bank account with my life being the guarantee of handing over the password and my life being in the balance when it comes to my not complaining about the illegal access to my account. Sure steal my cash, steal my credit card but stealing access to my bank account, that's real risky business. I'm thinking a T-Shirt, "My phone is not, absolutely not, linked to my bank account, please point your gun at the next available auto-teller". Swapping your phone for the ATM where you become an ATM.

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      Chaos - everything, everywhere, everywhen
  2. Re:Cardless cash by Grishnakh · · Score: 4, Insightful

    I hate to break it to you, but it's not hard for a mugger to get your fingerprint. All they need is a knife....

  3. This is a game of pass the buck. by kuzb · · Score: 5, Insightful

    Now it won't be their system which is insecure, it'll be your phone. This gives them another layer of defense against their often laughably bad security.

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    BeauHD. Worst editor since kdawson.