US banks are introducing ATMs that will allow their customers to withdraw cash without using bank cards. Around 2,000 cash machines are set to be updated across the US, operated by over 28 banks including big hitters such as Wells Fargo, Bank of America and Chase.
The new system involves pre-ordering the amount of cash on a smartphone and then scanning the code at the ATM to retrieve the cash. There is no card to insert nor PIN to enter. The developers assert that the smartphone technology allows for faster, more secure transactions with no chance of card skimming. Skimming is said to cost the banking industry billions of dollars every year.
The system being pioneered by FIS Global is seen as a precursor to the impending 'headless' ATMs set to be introduced by Diebold who claim that their system will make use of smartphones and biometric data.
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