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