Chase Bank’s ATMs Go Cardless With Smartphone Validation

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Fintech is moving toward removing cash AND cards from the financial system. While your smartphone’s wallet will activate a Chase ATM, they are also working on facial and iris recognition for customer validation, ie, your body will be your identification. ⁃ TN Editor

Forgot your bank card? No worries. Chase has you covered.

The New York City-based bank announced that it has expanded its cardless access to nearly all of its 16,000 ATMs nationwide.

The new technology will allow customers to get cash through their phone’s mobile wallet without needing a physical debit card or an access code for authentication.

Users can simple “tap” their smartphone on the ATM to “easily and securely access money on the go.”

“Cardless no longer means cashless,” Sol Gindi, chief administrative officer of consumer banking at Chase, said in a statement. “As more of our customers are using digital wallets to pay, we’re pleased to be able to provide them with the same experience at the ATM.”

JPMorgan Chase first rolled out this feature, which uses the “near-field communication” technology that enables transactions from mobile wallets in 2016. Other big banks, including Bank of America and Wells Fargo, later followed in 2017.

And while swiping an ATM card doesn’t require strenuous efforts, bankers think going card-free will be a hit with customers.

Jonathan Velline, Wells Fargo’s head of ATM and branch banking told The New York Times in 2017 that it’s all about having a choice.

“If you’ve lost your card or left home without your wallet, chances are you still have your smartphone in your hand,” he said.

And, as far as new security measures with the cardless machines, a Chase spokesperson told FOX Business that they are a completely secure way to take out cash.

Read full story here…

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