The days of using your plastic debit card to withdraw money from an ATM could be coming to a close with Touch ID ATM withdrawals. FIS and Payment Alliance International have announced they’re converting 70,000 ATM locations with the Touch ID withdrawal feature. Customers will open an app and access the machine by holding the iPhone near the indicated area and verifying with Touch ID. It’s believed that this method will be more secure than swiping your card which can be a hazard if a card skimmer is installed or nearby. Withdrawing cash using this method will take approximately ten seconds and receipts will be stored electronically in the iPhone.
According to FIS, “the mobile banking app acts as a remote control for the ATM, providing unparalleled privacy and security for consumers.”
Security is finally becoming more of a serious topic for banks, stores and every other customer driven industry. With the amount of hacks being reported on a daily basis and some of the biggest companies falling victim. It doesn’t surprise me that banks are seeking a better method to secure their customers data.
While Touch ID ATM withdrawals sound cool, the question remains if it is a more secure method than any other method. Hackers are a crafty bunch and many of them will go to complicated measures to hack the system and get what they want. So it will be interesting to see how this pans out for FIS and PAI. Bank of America is working on a similar system where customers can withdraw money from their accounts using Apple Pay. The system FIS and PAI are working on only indicates the iPhone and Touch ID. Android was not mentioned so it remains to be seen if they integrate that ecosystem into the plans.
What do you think of iPhone ATM withdrawals? Let us know in the comments below or on Twitter, Facebook and Google+.[button link=”http://mashable.com/2016/07/16/iphone-touch-id-cash-withdrawl-atm-launch/#MqddUocp0Oq9″ icon=”fa-external-link” side=”left” target=”blank” color=”285b5e” textcolor=”ffffff”]Source: Mashable[/button]
Last Updated on January 23, 2017.