now you may use your smartphone as an ATM card
That’s right – smartphone technology is always progressing and now it has set its sights on the financial industry. Or perhaps the financial industry has set its sight on smartphones. It was only a matter of time before a financial institution to advantage of what smartphones have to offer, we were just waiting to see what bank it would end up being. Chase Bank has just released information to customers that in its new automatic teller machines (ATMs), they won’t need an ATM card. Instead, they will simply be able to use their smartphones to withdraw cash.
Chase’s new ATMs, which will continually accommodate customers that want to keep their ATM cards, have been upgraded to also be accessible by an account holder’s smartphone. The company has created an app that generates codes needed by customers to withdraw cash. The smartphone, app and ATM work together to verify information and complete the transaction. And Chase isn’t stopping there. Being able to withdraw cash via smartphone is only the beginning. The company has set a significant amount of upgrade to roll out throughout the year, changing the face of mobile banking.
A second wave of upgrades to Chase ATMs and bank locations across the country will include across the board collaborations with Apple Pay and Samsung Pay. In addition, due to this being a safer and more secure way to withdraw cash; Chase’s ATMs will have a higher withdrawal limit than ever before. Chase account holders will be able to access and take out up to $3,000 after this second round of upgrades, thousands more than was ever available via an ATM. After that comes the third type of upgrade, ability for Chase account holders to pay bills and cash checks all through their new ATMs. Overall this process could take up to two years for all Chase machines to have all of these features.
As we expected though, Chase isn’t the only bank exploring its options when it comes to smartphone use by customers and its locations. Wells Fargo and Bank of America are both working on mobile-based banking solutions for their account holders. In fact, Bank of America plans to introduce its smartphone-authenticated machines at national locations starting in late February of this year. Select Bank of America ATMS in Charlotte, New York and Boston just to name a few cities will serve as a starting point for a nationwide rollout that plans to follow.
It’s only a matter of time before all sorts of financial institutions are taking advantage of what smartphones have to offer their customers when it comes to banking. Cell phones have come so far since their inception. From bricks of plastic and wire to touchscreen, constantly connected slim devices – they are always changing and developing. Smartphones that can now be used to replace ATM cards can help make banking easier, safer and more secure. This mobile adoption strategy by banks just goes to show how the smartphone can transcend past the communication threshold and into many other facts of every life.