JP Morgan is another step closer to its mission and this time its the most awaited innovation people were expecting from some financial institution in coming future which JP Morgan predicted long time ago and address the expectation and started working on. Chase added an upgraded feature in ATM’s for customer in almost 16000 ATM’s in some states
Chase announced Wednesday that it had rolled out cardless transactions to most of its ATM network, meaning customers no longer need a physical debit card and can instead retrieve cash using a mobile wallet — such as Apple Pay, Google Pay, or Samsung Pay — on their smartphone.
At ATMs with a cardless symbol (see below), customers can open their mobile wallet, tap their phone, and then enter their PIN to access their account.
At nearly every one of JPMorgan Chase’s 16,000 ATMs, customers no longer need a card to take out cash
Here’s Chase’s simple visual guide to performing a cardless transaction:
Chase began rolling out the feature — which uses the “near-field communication” technology that enables transactions from mobile wallets — in 2016, and Bank of America and Wells Fargo have debuted similar capabilities as well.
The largest banks in the US have been investing millions in updating the capabilities and physical appearances of their thousands of ATMs as their digital and mobile customer bases balloon.
Bank of America has also got a kind of feature which allows customers to scan a cheque through mobile phone (taking picture) and submit it in mobile app hence save time by not standing in cue. www.BankofAmerica.com
While cardless transactions are a convenient perk to Chase’s more than 30 million active mobile customers, the feature could also result in savings for the bank.
It costs banks about $0.20 to replace a lost, stolen, or otherwise corrupted card, according to the consulting firm A.T. Kearney, a sum that can add up when you serve tens of millions of customers, as Chase and its largest competitors do.
The more customers can rely on their already omnipresent smartphones, the more likely they are to phase out cards that fatten their wallets and can more easily be lost or compromised.
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