Saturday, March 25, 2017

Wells Fargo Introduces Money withdrawal using Smartphone at their ATMs in the U.S.

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Smartphones are slowly becoming mainstream as we witness more revolutionary technological advancements in this field. Smartphones are already taking over as a primary device in most fields including banking, etc. We can now simply just use our smartphones to pay for our drinks or meals at a restaurant without having to take out the card or cash from the wallet. It is as simple as tapping your phone and typing a couple of code to get through the transaction. Moving on with the technology, we now have cardless ATMs as well where users can simply withdraw money using their smartphones.


Wells Fargo, a San-Fransisco based bank has decided to apply the smartphone technology to all of its 13,000 ATMs across the cities in the U.S. The company has decided to make this happen after piloting the technology in select locations across the country and it seemed to have worked fine. Hence, starting this Monday, Wells Fargo & Co depositors will be able to withdraw money using a smartphone at any of their ATMs. This is indeed a huge step in the right direction of digital push; it certainly seems like people will definitely benefit from this.


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With the addition of this functionality, the customers only need to provide their PIN an eight-digit code which will be generated from the Wells Fargo app in order to access their accounts. It has been reported that both Bank of America and JPMorgan Chase have a similar kind of technology on works. However, Wells Fargo now becomes the first major bank in the U.S to roll out cardless cash withdrawals at their cash machines.


Jonathan Velline, the head of Wells Fargo’s ATM and branch banking stated that Security certainly was a big aspect of the cardless feature and the two-step identification helps reduce the risk of fraud. According to him, it is not the perfect security method, but he thinks that it should help cut down on the methods currently used by criminals, such as credit card “skimming” devices inserted into ATMs. With that said, we hope this technology is taken up by other banks as well and soon make this available for as many people as possible.


With that said, let us know what do you think about this new technology? Do you think this is something that you as a user would be interested in using? Be sure to let us know by dropping a comment down below and also stay tuned to PhoneRadar for more info like this.


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