Your bank might soon let you withdraw cash from your phone

Use Your Phone Instead of a Card at the ATM
Use Your Phone Instead of a Card at the ATM

Need to make a quick cash withdrawal? You might already have an app for that.

Via new technology on major banks' mobile phone apps, there will soon be a way for customers to set up a cash withdrawal remotely and simply pick it up at the closest ATM.

SEE ALSO: Are debit cards & ATM cards the same thing?

It's a simple process: the customer uses their primary bank's mobile app to set up a cash withdrawal and goes to the nearest ATM that's enabled with the cardless feature. Once they get to the machine, the customer either scans a specific QR code on their screen, taps their phone to the machine or enters a one-time security code and the cash is dispensed.

The revolutionary feature is meant to both eliminate the amount of time it takes to make a withdrawal at an ATM as well as allowing customers to quickly grab cash if they don't have their debit card on them.

It's also meant to help customers feel more secure in their transactions from criminals that can steal account data via ATM transactions.

The technology is currently available in about only 0.4 percent of ATMs in the US today, but that number is expected to reach just shy of 20 percent of all ATMs by the end of 2016, thanks to research by Crone Consulting LLC.

Payment Alliance International (a major ATM provider to places like gas stations and miscellaneous convenience stores) plans to have cashless withdrawals enabled in nearly 25,000 ATMs across the country between the end of this summer and end of 2017.

Many big banks have also jumped on board with the revolutionary technology.

Bank of America announced that they will implement the cardless cash withdrawal system in nearly 5,000 of their ATM machines by 2017, and Wells Fargo & Co expecting to have around 40 percent of their ATMs enabled with the feature by the same time.

JP Morgan Chase & Co has also said that they plan to begin using the technology in late 2016.

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