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You will soon be able to withdraw cash from the ATMS using Apple Pay, so you can ditch your credit or debit card and use your Smartphone instead. Bank of America and Wells Fargo are working to enable Apple Pay to withdraw cash from ATMS by just placing their iphones near the cash machine and verifying the withdrawal with the help of device’s Touch ID fingerprint reader.
Wells Fargo’s spokesperson has said that “We have been working on the technology that allows us to use digital wallets, leveraging NFC on mobile phones that can replace the card for transactions at the ATM.” However he did not specifically mention Apple Pay, but confirmed that Android Pay will be supported.
Betty Riess, Bank of America’s Consumer Banking Products press representative said that “We have a number of mobile wallet programs...” which implies that Apple Pay may be a part of it. Riess confirmed that “Bank of America is presently developing a solution for cardless ATMS. This solution will let customers withdraw cash by using NFC technology on their Smartphones so as to authenticate the transaction at a Bank of America ATM. This functionality may roll out at selected ATMS in the Silicon Valley, Charlotte, San Francisco, New York and Boston at the initial stage, which will be followed by a wider rollout.”
Both the companies have placed engineers for multi-month assignments to develop the Apple Pay options. It is still unclear how Apple Pay will be used at the ATMS, but it will surely allow people to withdraw cash without requiring the credit card or debit card.
Working with Apple Pay can be beneficial to banks as they can be protected against fraud. Authentication is done via fingerprint scan, which will provide better security.