Another innovation in Fintech; two major banking firms in the USA are set to have Apple Pay technology implemented into their ATMs over the next year, according a source familiar with the project.
Both Bank of America and Wells Fargo have allegedly given their engineers the task of building the machines with the Apple Pay technology installed, which would allow customers to withdraw money at one of the banks’ ATMs, without using their debit or credit card. When the technology is rolled out, users will simply have to tap their phone onto the ATMs NFC point, and then enter their passcode in their phone or use thumbprint verification. As well as proving useful to anyone who is prone to losing their wallet or cards, this technology will most likely reduce the amount of fraud that occurs – especially when the fingerprint scanning technology that Apple Pay uses is implemented. It would also eradicate the risk of card skimmers being used, as there would be no card involved.
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However, it’s not the first time that this innovation in technology has been used within the companies’ ATMs. Wells Fargo have already used Android Pay technology with the services they provide, but Jonathan Velline, their head of ATMs, stated that “…we’re looking at lots of different mobile wallets…we’ll likely add more throughout the year.” With technologies such as these, and the number of lending apps and sites on the rise, it’s fair to say that FinTech is a growing industry.