Business, Retail

Why Mobile Payment ATMs Signal The End Of Debit Cards

Chase BoA Bank of America Wells Fargo ATM eATM NFC Apple Pay Android Pay Samsung Pay

While paying for things at retail is getting simpler and faster everyday thanks to mobile payment systems such as Apple Pay, the ATM experience has only gotten worse over the past 6 months. The introduction of the EMV chip on debit cards means we have returned to the olden days, where ATMs hold onto your card until the transaction is complete. Recently, while I was waiting the 30+ seconds it now takes for the cash machine to simply read my card, I pondered, “Wouldn’t it be amazing if I could just walk up to an ATM and use Apple Pay / Android Pay to get my cash out.”

Either the ATMs are mic’d or I am not the only one who has thought this because 3 out of the 4 largest US banks almost simultaneously announced that they plan to roll out contactless-payment ATMs. Chase, Bank of America, and Wells Fargo will all begin the process of upgrading their machines this year. BoA will be the first to market, intruding NFC equipped terminals by the end of February at selects retail banks in NYC, Charlotte, Boston, Silicon Valley, and San Francisco. Though the bank has told employees not to disclose which mobile payment services it will be compatible with, it is tough to imagine that the ATMs won’t at least support Apple Pay and Android Pay. If a bank’s debit card is already compatible with a mobile payment service, integration should be trivial. (Perhaps Apple is asking banks not to announce Apple Pay integration so the company can make a big announcement at their rumored upcoming March press event.)  

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