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Coming Soon: Cardless ATMs

by Intrepid Payment Processing

And so it begins.

Bank of America announced on Wednesday that it will begin beta testing cardless ATM transactions later this year. This is a substantial industry development because it will allow users to conduct ATM transactions without the need for swiping a card at the machine.

While NFC technology has been gaining traction rapidly at the point-of-sale, thanks to mobile payment vehicles like Apple Pay and Android Pay, this marks the first time that the technology enters the ATM category.

BOA’s announcement comes on the heels of JPMorgan Chase’s announcement the day before, with the New York-based bank saying it will introduce such ATMs this year. Both of these follow San Franciso-based Wells Fargo’s announcement last month that it will offer “virtual card” services at its’ ATMs later this year, as well.

Those in the payments industry have been watching these developments closely. It’s still unclear how the public will respond to these ground-breaking new services with users still seemingly wary of cyber-security issues, but it will be interesting to watch, nonetheless.

Copyright 2016 Intrepid Payment Processing