Smartphones are transforming the financial sector. Thanks to Android Pay, Samsung Pay, and other mobile payment services, we can already make purchases at supported retailers with our smartphones. If you’re a Wells Fargo customer though, you will be able to withdraw money from an ATM with your mobile device starting on Monday, March 27.
Here’s how it works. If you use the Wells Fargo mobile banking app, you can request an eight-digit code that you then enter at an ATM, along with a unique personal identification code. Once you get that out of the way, you can withdraw money from the machine.
The new technology allows you to withdraw money even when you don’t have your cards with you. It is also a lot safer to use, as it features a two-step identification process, which helps reduce the risk of fraud. Withdrawing money with the help of your smartphone also prevents skimming techniques that are used to read and store data of cards inserted into an ATM.
Wells Fargo has around 13,000 ATMs across the US and every single one is equipped with the smartphone technology that offers an additional way to withdraw money. The company hopes that a feature like this will attract new customers, especially the ones who are a bit more tech savvy.
It is expected that more banks will offer the option of withdrawing money from their ATMs with a smartphone in the near future. Quite a few banks have already announced plans to upgrade their cash machines with the new technology, but none of them have specified an exact time frame as to when that might happen.