Cardless ATMs may soon be coming near you

By Amanda Kabbabe, Buzz60

You may be able to kiss the days of fumbling with your ATM card farewell.

The New York Times reports that banks are planning to ditch the plastic in favor of a mobile option, which would allow you to pull out cash using just your cell phone.

So far, JPMorgan Chase is the only bank to launch the technology in select cities.

See more on credit cards:

Bank of America and Wells Fargo plan to follow suit later in 2017.

Chase's cardless ATM withdrawal has been met with some controversy. One customer who never opted to use the technology had nearly 3,000 dollars stolen from her account.

Chase did act quickly to reimburse the woman and the company says they put up more safeguards to protect other users from similar crimes.

Many ATMs are already equipped with what is called "near field communications," which allows most smartphones to pair a "digital wallet" with the machine. NFC is the same technology used for "Apple Pay."

The new technology removes the need for a "digital wallet" and would enable customers to withdraw cash using only the banking app.

Advertisement