The financial service of Apple would soon be integrated into the ATMs of Wells Fargo and Bank of America in the U.S.
The financial service provided by Apple is penetrating the banking industry. A source aware of the teams working on the ventures has revealed that both – Wells Fargo and Bank of America – are making efforts to integrate Apple Pay into their ATMs. Engineers of both companies have been tasked to the projects for building the Apple Pay options.
Josh Constine has identified at least one of the engineers who are publicly listing themselves as an employee of Bank of America. Charlotte Observer reported news of cardless ATMs Thursday but did not specify that the financial facility would be involved. An official of Bank of America, Betty Riess requested Tech Crunch to check twice what she could state specifically about the service.
The consumer electronics manufacturer also did not respond to a request for sharing views. The competitor of the Wells Fargo and Bank of America, ‘Chase’ made an announcement lately that it would be launching cardless ATMs in 2016. Whereas it is not clear exactly how the financial facility would work at ATMs; it would probably permit people to withdraw funds without needing them to use their credit or debit card.
Wired reported that Chase would implement the transaction without cards in two stages, it would first employ a mobile banking application for enabling authentication on ATM and launch transactions on the basis of NFC in a later stage.
This could prove to be valuable if someone has forgotten or lost card or wallet. Users would probably tap their phone to the NFC point of ATM, which would bring up the thumbprint verification screen or passcode on the phone.
Once a confirmation is made, users would be provided an opportunity to access some functions of the ATM as if they have got their pin entered and card inserted. Working with the facility could also save money by securing against fraudulent dealing. The duplication of a credit card is much easier than that of an iPhone.
Apple Pay can be used for scanning fingerprint, which is not offered by ATM. The passcodes of the service can also be complicated and long when compared to four digit pin codes used on users’ debit cards.
Most significantly, the facility would be thwarting the utilization of card skimmers. These products succeed in fitting over ATM front as a fake face, and then rob the details from cards inserted into them. Shifting to cellular phones and NFC would not let this happen since any card would not be involved.
These anti-fraudulent incentives and customer interest in NFC for withdrawing money could spur banking institutions to race for integration of Apple Pay.