JPMorgan to roll out smartphone-controlled ATMs using NFC

Tools

JPMorgan Chase is planning to upgrade its entire fleet of ATMs to enable users to withdraw money via their smartphones, USA Today reported. Customers can use a one-time pin number that will be sent to their phones, then can tap to withdraw cash via an NFC connection.

Like in-store mobile payments, the idea of using a phone rather than plastic to get cash has some appeal. But like mobile payments, NFC-based withdrawals may not be as slick as they sound: Consumers are sure to have concerns over security and privacy, and JPMorgan's system will need to be faster and easier to use than a debit or credit card. Because pulling out your wallet at the ATM isn't really much of a hassle in the first place. Article

Filed Under