Cardless ATMs Could be Reality Soon

Banking CIO Outlook | Friday, November 30, 2018

FREMONT, CA: Banking at a branch, is now, a thing of the past as Cards and ATM’S have become the order of the day. Net banking has changed the way transactions are made and Cardless ATMs which give the user access to money in seconds,  is surely the next big thing.

Chicago-based regional bank Wintrust Financial has been testing cardless ATM Withdrawals for a couple of years now. Robert McGarvey, for the Street Inc. reports that the bank is now gearing up to modify 200 ATMs to process handless, cardless cash transactions.

This would be based on FIS technology and involves, the pre order of transaction via a mobile app; selecting the amount of withdrawal; scanning of the QR code through mobile on arriving at the ‘cardless ready’ ATM. ; cash will be received and completion of the withdrawal will be confirmed by the digital receipt.

Speaking about the security of this method of transaction, Mary Monahan of Javelin Strategy and Research says that plastic readers attached to ATMs capture the data on the magnetic stripe makes it susceptible to copying whereas there was no such risk in carldless transactions. Adding to this, is the fact that detection and tracking of a phone is more likely than that of a card, thereby making it secure.

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