September 16, 2019

Cardless ATMs allow you to get cash with your phone

cardless-atm-transactionsIt had to happen eventually: cashless diginomics reaching the antiquated ATM machine to withdraw cash. Your smart phone is the new digital key to cash withdrawal from a new breed of cardless ATMs.

“Here’s how it works,” reports CNNMoney on Oct. 9. “Using an app on your phone, you can place an order for cash as far as 24 hours in advance or up to seconds before the transaction — like while you’re waiting in line to use an ATM. When you arrive at the ATM to pick up the cash, the app needs to be open on your phone. You then scan a code on the ATM screen to prove that you’re actually there and the machine dispenses the cash.”

Using this app-driven cardless format, the entire procedure “take less than nine seconds compared to 30 or 40 seconds for a traditional ATM withdrawal.”

“Looking forward,” CNN notes, “think gas stations where you can pay by scanning a code at the pump with your phone. Some restaurants are even piloting a service where they put a code on diners’ bills that customers can scan in order to pay by phone and leave a tip.”

Truly, a “Diginomic Society” in full swing! Check out the full report: Cardless ATMs allow you to get cash with your phone.