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New ATM Syncs With Smartphones

Wednesday, January 16, 2013 - 11:29 AM
From the Credit Union Times:
ATM manufacturer Diebold has released a new ATM that, the company said, will help deploying institutions attract members of the Millennial generation.
To complete a cardless withdrawal, a preregistered bank customer scans the ATM’s QR code using a smartphone. When the devices sync via the cloud, a transaction screen appears on the smartphone where the customer selects the withdrawal amount.

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This might be more than just added convenience. By eliminating cards, it could be more secure. Also, without card readers and paper receipts, the ATMs should be more reliable.
Ken TuminKen Tumin5,471 posts since
Nov 29, 2009
Rep Points: 125,634
1. Wednesday, January 16, 2013 - 12:33 PM
From the article:  "Diebold pointed out that these transactions do not require cards or carry the risk of compromised that comes with card use".

If I understand the article correctly, if you lose your Smartphone and haven't locked it, you will also have to worry about having money taken from your bank account (to the max ATM withdrawal limit).  Hmmm...
pearlbrownpearlbrown1,473 posts since
Nov 2, 2010
Rep Points: 6,402