Last year it was reported that JPMorgan Chase was planning on getting into mobile payments, and it looks like part of their plans have been revealed. According to a report from CNBC, the financial institution has announced that later this year, they will be installing new ATMs that will allow customers to withdraw money using just their phones.
This means that if you’re out and all you have is your phone on you, you will still be able to take out money from JPMorgan Chase’s ATMs, versus other banks in which you will need to bring along an ATM card. To top things off, Chase spokesman Michael Fusco claims that these machines will also allow withdrawal of more money in different denominations.
It is expected that there will be several generations of these machines. The first will rely on a code generated by the Chase mobile app that identifies the customer. However Fusco says that future upgrades will allow customers to simply tap their phones against the machine to access their account via NFC technology.
The bank claims that this effort is due to the fact that more customers at their banks seem to be conducting transactions via their machines compared to approaching a teller, which was how things were done in the past. Chase expects to retain their tellers, who will soon be moved to the floor to help customers navigate their way around the new machines.
Filed in ..