ATMs Allow Cash Withdrawal With Just A Smartphone App
Cardless Cash Access is an app from financial services provider FIS that allows cash withdrawal without a debit card.
Financial services provider FIS has announced that card-less ATM transactions will be a reality in the not-so-distant future, with their ‘Cardless Cash Access‘ application. The mobile app has already had successful trial runs with three small banks: Wintrust in Illinois, BMO Harris in Chicago and City National in Los Angeles. Given the promising results, the banks plan to roll out the feature over the course of 2014, and other financial institutions are showing interest as well.
Rather than using a debit card to withdraw cash, users are be able to ‘order’ cash from an ATM up to 24 hours in advance. At the ATM, the machine only dispenses the cash once the user scans a code on the ATM screen, upon which cash is dispensed and a digital receipt is sent to the mobile device. As of now, Cardless Cash Access is a standalone mobile app, but FIS has plans to integrate it with Mobile Banking by 2014.