Withdraw cash from ATM by using iPhone’s Touch ID

iPhone's Touch ID

Back in June, Bank of America confirmed that at some of its automatic teller machines (ATMs), Apple Pay users could use Touch ID to withdraw cash without ever inputting their PIN.

That technology was always going to expand, and sure enough that has already begun. Payment Alliance International and FIS have officially announced a new partnership that will see cardless withdrawals all over the United States, at over 70,000 ATMs, that are located in gas stations, malls, restaurants, and many other locations.

This announcement corresponds with an earlier report from Bloomberg, which stated that the initial rollout for this plan will begin sometime in August or September of this year.

“Cardless Cash protects consumers by reducing risk of card skimming and shoulder surfing, both of which are on the rise at ATMs, according to industry data. By leveraging FIS Mobile Banking with Touch ID, customers securely access their funds and authorize the amount they want without inserting a plastic card into an ATM. The mobile banking app acts as a remote control for the ATM, providing unparalleled privacy and security for consumers. Customers using FIS Cardless Cash can complete their withdrawals in 10 seconds and get an electronic receipt on their smartphone.”

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The way it will work is based off a QR code, which will be pulled up within a specialized iOS app that can be scanned at the ATM. Once the QR code is scanned, the user will then have to authorize the withdrawal with Touch ID, adding another layer of security. These ATMs are independently owned from banks, as the Payment Alliance International is the largest independent operator of non-bank owned ATMs. It has a long reach, however, and should help fill the gaps as the banks figure out how to roll out their own support for the technology.

What do you think of the idea of using your phone to withdraw cash from an ATM?