US banks move in on smartphones

US banks move in on smartphones

Wallets can be lost, stolen or forgotten, but most people today wouldn’t be caught dead without their phones.

Banks understand, and are grabbing on to that trend. Customers who don’t want to fumble around in their wallet for their A.T.M. card — or who have misplaced it for the umpteenth time — will soon be able to unlock cash dispensers’ coffers by using their phone.

JP Morgan Chase, which has more A.T.M.s in the United States — 18,000 — than any other bank, has activated this technology on a few hundred machines in four test cities, including Miami and San Francisco. Six thousand more are already upgraded and ready to go.

B of A and Wells Fargo plan to introduce cardless options to all their machines by the end of the year. And while swiping an A.T.M. card may not exactly seem onerous, bankers think going card-free will be a hit with consumers.  READ MORE: https://www.nytimes.com/2017/02/13/business/dealbook/banks-look-to-cellphones-to-replace-atm-cards.html?_r=0

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