InShortViral: You will be soon able to withdraw cash from your smartphone. Chase Bank has announced that they will adopt this technique.
Chase Bank has disclosed that very soon you will not require your ATM card to withdraw money from ATM machines but you can get cash from your Smartphones. Many banks also have the same idea. Upgraded machines will be accessible with your smartphone.
You Can Get Cash from Your Mobile Device Very Soon
Various Mobile Payment Services, like Apple Pay, Samsung Pay and Android pay are achieving success in retail stores, it would have taken moment of time for banks to adopt this technology.
According to Associated Press, JpMorgan Chase is adding some new features to its ATM’s this year. This feature will help you withdraw money from your mobile phone. The first application is that customers will have to enter a code in the Chase Bank Application. Also, ATMS are likely to get upgrade within two years, the company also said that they will add NFC functionality so it can help you to access ATM easily with just single tap. Apple Pay also uses same technology for its services.
When this technology will come into use, it doesn’t mean ATM machines will be discontinued, you can still use your cards. Also, new machines will have more withdrawal limits throughout banking hours, almost up to $3000. In future, you will be able to check cash cheque and pay your bill through the machines, however these features may come in or after 2018. Chase Bank isn’t the alone bank which is seeking alternative for money withdrawal, but there are many other banks who are working to adopt this technology.
In the meantime Tech Crunch reports that BOA (Bank of America) and Well Fargo are currently working on their mobile connected solutions, and Apple Pay was endorsed in conference with both banks. Bank of America said that it will allow customers to grasp NFC, which is a technology on there mobile device which will verify and complete transaction at ATM of Bank of America.
So, this was all about the technology which will help you to withdraw cash from your smartphone. Banks are still working on this technology and it will come soon. We hope that you loved this article, feel free to share it with your friends.