JP Morgan Chase is all ready to introduce its card-free ATMs that will eliminate the need of an ATM card and would work with the help of a phone instead.
The spokesman for the company, Michael Fusco has revealed that the move will require new machines to be installed at the ATM centres and these would not require a debit or credit card to be swiped or inserted, but would rather work with the help of the Chase app on the users’ smartphones.
These kind of card-less ATM machines would be capable of doing a lot more than just dispensing cash. For example, those can be also used to initiate transactions, encash a cheque, pay for a Chase credit card or mortgages and a lot more, but most of these features will be available after a number of upgrades that are supposed to take around 2 years from now.
While the first version of this technology will allow the users to transact with the help of a code off their Chase app on their smartphone, an update will later allow the users to use the NFC (Near Field Communication) feature on their smartphones to communicate with the ATMs and transact. The traditional way of using the ATM cards will also be available for those who want to continue the same old way. This move is supposed to bring upon a rise in the net transactions done via ATMs.
Abhishek Upadhyay Posted on January 28, 2016
Abhishek Upadhyay is a Web Designer and Content Writer in absolute love with travel and technology, hails from Kolkata and plans to go places in search of inspiration and creativity.
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