JP Morgan Chase to launch first e-ATMs that don't need cards
The US bank is going to have cashpoints across the country that can be operated with an app.
The move away from plastic bank cards continues with US bank JP Morgan Chase set to launch e-ATMs which allow you to withdraw money with an app.
You can either use Apple Pay or a Chase cardless authentication code when you're at an ATM instead of needing a debit card. Then it's just a case of entering your Pin and selecting the services you want to use.
They’ve already been tested in states like Washington, but the banking giant plans to roll out thousands of machines later in the year.
Withdrawal limits will rise to $3,000 (£2,106) and ATMS will dispense $1, $5, $20 and $100 notes.
New York-area ATMs currently have a $1,000 (£702) withdrawal limit, while many other places in the country have a $500 (£351) per day limit.
It costs 65 cents (45p) to make a deposit with a teller and eight cents (half a penny) at an ATM, while it only costs three cents (0.02p) through a mobile app so banks stand to save a lot of money with these new machines.
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Will we get something like this?
At this point it’s difficult to tell, but with a 250% rise in contactless payments in 2015 and more and more people choosing to bank online, there could be a demand for it.
We can now pay for items with our phones with apps like Apple Pay, Beep ‘n Go, Get Cash and Paym. The Santander 123 Credit Card and TSB Classic Plus Current Account even offer incentives for using Apple Pay.
The closest thing that we have to an e-ATM is the Get Cash facility on the RBS NatWest mobile banking app. It gives you a code which lasts for three hours that you can take to your nearest NatWest or Tesco cash machine and withdraw up to £130.
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