Major Banks to Introduce Cardless ATM Withdrawals
Tired of carrying a thick stack of credit cards around? Soon enough, you might be able to ditch your debit card completely — at least if you're banking with Chase, Bank of America or Wells Fargo. In the coming months, the three major banks are planning to release ATMs in select cities that will allow customers to withdraw funds using a smartphone rather than a traditional debit card.
The banks are starting off with pilot programs in Boston, New York and San Francisco, among other cities. However, it's likely that you'll eventually be able to access this new technology across the US. The updated ATMs are expected to start rolling out later this year and will be a good way to help combat fraudulent activities, such as credit card skimming.
Ultimately, banks probably won't be phasing out physical cards just yet, but as more and more people start paying for things with their smartphones, it could be easier to find vendors and services willing to accept non-traditional methods of payment — like Apple Pay — on a regular basis.