With the proliferation of technology, we have seen huge advances in the smartphone domain as well as app development. On the other hand, smartphones have in fact become an integral part of our lives and we use it to do a lot of things today.
Having said that, now Apple Pay users amongst others can actually withdraw money without even making use of their actual credit or debit card. The money can be withdrawn at over 5,000 Wells Fargo ATMs across the U.S. People living in U.S. might as well leave their wallets at home now.
However, if you are wondering how this can be done then users will basically have to activate the phone's wallet feature by using the Apple Pay app and the transactions will then be carried out via near-field communications (NFC) chips installed in those ATMs.
"This spring's launch of one-time access code technology at all Wells Fargo ATMs has resulted in nearly three million card-free ATM access code transactions. Card-free ATM use will take another leap as we introduce NFC functionality," said Jonathan Velline, Head of Strategy and Administration for Community Bank. "The NFC functionality is the second form of card-free access and is an extension of our promise to reach our customers wherever they are and provide value using the mobile option with which they are so comfortable."
As per the company, a customer can initiate an ATM transaction by signing into leading mobile wallet features, such as Wells Fargo Wallet for Android, Apple Pay, Android Pay or Samsung Pay, found on mobile phones. They simply hold their phone or wearable device with mobile payment functionality near an NFC-enabled ATM terminal. Wells Fargo ATMs enabled for this feature will display a "contactless symbol" decal on the front of the ATM. The customer will then input their Wells Fargo Debit or EasyPay Card Personal Identification Number (PIN) and complete their transaction.
In any case, while the revolution in terms of mobile payments and transaction seems to have begun in the U.S. we see that the technology will likely come to other countries as well in future. Many people today are already using mobile to manage their finances and make payments all over the world. Moreover, financial institutions are also ever introducing new methods of payment and other services.
And basing our assumptions on the fact that mobile phones have actually become very smart, it further looks like mobile payments volume will only grow immensely in the coming days.