With mobile payment services like Apple Pay, Samsung Pay, and Android Pay gaining more ground in retail stores, it was only a matter of time before the banks began making use of that technology.
JPMorgan Chase is adding a few extra features to its ATMs this year, notably the ability to withdraw money using your smartphone, according to the Associated Press. The first implementation will have customers entering a code in the Chase app. As the ATMs are upgraded within the next two years, the company will also add NFC functionality so you can just tap your phone to access the ATM. It’s the same technology that various mobile payment services like Apple Pay use.
The ATMs will also have a higher withdrawal limit, up to $3,000 during branch hours, according to the Associated Press. You will also be able to use your card as usual, as the company says the added features are just other options for customers. One highlight feature that feels like it should have been implemented ages ago is the option to choose not only withdrawal amounts, but also the denominations of the cash you receive.
You’ll also be able to cash checks, and pay Chase credit card bills and mortgages at the new ATMs, though you may not see them immediately given the bank’s two-year implementation plan. It’s pretty clear that the move will help Chase reduce the number of tellers at its numerous branches, but the company said it will move tellers from their desks to a more proactive role training customers on how to use the upgraded machines.
It’s not the first use of “cardless” ATMs, but it is a big deal as Chase is one of the four major banks in the U.S.