Ya­hoo Is For Sale And Is Maybe Worth Noth­ing

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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.

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