In recent times we’re starting to see ATMs support smartphones in the sense that smartphones could be used to withdraw money from them. This is done through mobile payment platforms like Apple Pay. However if you own an older iPhone that does not support Apple Pay, you will still be able to use your smartphone.
How will this work? This will work thanks to the use of Touch ID, meaning that older iPhones like the iPhone 5s will be able to withdraw money from ATMs using the feature. This is thanks to FIS and Payment Alliance who have announced a partnership that will support cardless withdrawals at over 70,000 ATMs using Touch ID.
Customers who withdraw money at the supported ATMs will use QR codes and an accompanying app that scans the QR code to verify the withdrawal, with Touch ID acting as a security layer to prove that the smartphone owner is who they say they are. It sounds like a potentially longer method than using the ATM the regular way, but if you’re out and you only have your phone with you, this is an option that you can check out.
This might come in handy if you’ve misplaced your wallet, or if you’re out for a run and all you have is your phone. It also signals that we are moving one more step towards a cardless future.