US Banks Prepare to Roll Out NFC ATMs

US Banks Prepare to Roll Out NFC ATMsMultiple prominent American banks are preparing to roll out advanced ATMs enabling smartphone interaction, according to new reports.

Chase bank is reportedly planning to launch ATMs that can provide users with SMS tokens for access as an alternative to using their physical bank cards, and eventually plans to roll out ATMs equipped with NFC technology that could theoretically enable access via mobile payment platforms like Android Pay and Apple Pay.

Meanwhile, Bank of America and Wells Fargo are working on their own NFC-enabled ATMs, and while only the latter has officially confirmed mPayment support in the form of Android Pay compatibility, and says its new ATMs will start to roll out toward the end of February. Both banks say they are considering a number of options with respect to digital wallet compatibility.

There has been growing excitement in the fintech community about the possibility of NFC-equipped and contactless ATMs, and now it looks like those solutions could be a reality in the very near future. These new ATMs will offer users greater convenience and possibly even better security, and they could help to further encourage market adoption of mPayment platforms like Apple Pay and Android Pay.

Sources: The Verge, AppleInsider, TechCrunch