PaymentsJournal
SUBSCRIBE
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
  • Analysts Coverage
  • Truth In Data
  • Podcasts
  • Videos
  • Industry Opinions
  • News
  • Resources
No Result
View All Result
PaymentsJournal
No Result
View All Result

What the ATM of the Future Will Look Like

Edward O'Brien by Edward O'Brien
February 5, 2016
in Analysts Coverage
0
0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

Commerce has become more high tech — think mobile payments, pin-and-chip credit cards and even fingerprint and retinal scanners — but we still haven’t lost our love for good old cash.

And banks aren’t ignoring that love, investing millions in some major upgrades in ATMs. Just last week, the largest consumer bank in the U.S. by assets, Chase Bank JPM, +0.64% announced plans for cash machines that customers can access with their mobile phones, without having to use any type of ATM card.

The majority of Chase’s 18,000 ATMs will have this feature by the end of 2016.

(The card-free feature is already available on ATMs for BMO Harris Bank, which has rolled the feature out to roughly 900 ATMs it owns, and Wintrust Bank, in Illinois).
And TechCrunch reported that Apple Pay could be on its way for ATMs at Bank of America, and Wells Fargo.

Bank of America declined to confirm that Apple Pay is coming soon to its ATMs, although the company is starting to roll out cardless ATM technology at the end of February, and Wells Fargo said that while the company will start to roll out technology in the second quarter of 2016 that will connect its ATMs to digital wallets, making 40% of their 13,000 ATMs NFC-enabled by the end of the year, the only wallet the ATMs support now is Android Pay, and they’ll “continue to evaluate additional wallets.”

The ever-evolving ATM continues onward, with new features being added regularly. Many of these features include cross-channel capabilities that increasingly include downloadable apps via mobile banking solutions. And, as has been noted in the Mercator Advisory Group 2015 ATM Market Benchmark Report, such innovations as ATM prestaging (also known as cardless cash access or mobile cash withdrawal) are being offered in select markets, with additional features on the horizon. Also noted in the report are expectations for future ATM technology to include an increased convergence of ATM and mobile banking, with the mobile device acting as an alternate screen for next-generation ATMs in some cases.

Overview by Ed O’Brien, Director, Banking Channels Advisory Service at Mercator Advisory Group

Read the full story here

0
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

    Analyst Coverage, Payments Data, and News Delivered Daily

    Sign up for the PaymentsJournal Newsletter to get exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    Digital Wallet Use Delivers on Convenience and Security

    Digital Wallet Use Delivers on Convenience and Security

    May 30, 2023
    5 Ways to Protect Your Financial Institution from a Cyberattack

    5 Ways to Protect Your Financial Institution from a Cyberattack

    May 26, 2023
    traditional banks

    How Traditional Banks Can Modernize Without Risk

    May 25, 2023
    identity fraud

    Javelin’s Identity Fraud Study Highlights the Changing Nature of Fraud

    May 24, 2023
    SASE, security-as-a-service

    Security-as-a-Service Secures
    Distributed IT Models

    May 23, 2023
    mule. real-time

    Early Detection of Mule Activity Requires Real-Time Solutions

    May 22, 2023
    embedded finance, ecommerce

    How Retailers Can Enter the World of Embedded Finance Confidently 

    May 19, 2023
    cross-border

    Cross-Border Trade is a Cinch with the Right Payments Partner

    May 18, 2023

    Linkedin-in Twitter

    Advertise With Us | About Us | Terms of Use | Privacy Policy | Subscribe
    ©2023 PaymentsJournal.com

    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    Menu
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Videos
    • Industry Opinions
    • Recent News
    • Resources
    Menu
    • Industry Opinions
    • Recent News
    • Resources
    • Analysts Coverage
    • Truth In Data
    • Podcasts
    • Industry Opinions
    • Faster Payments
    • News
    • Jobs
    • Events
    No Result
    View All Result

      Register to download this complimentary report from Brightwell: