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Technology

Chase Announces Plans to Allow ATM Withdrawals With Smartphones

Chase Announces Plans to Allow ATM Withdrawals With Smartphones
Image credit: Shutterstock
Staff writer. Frequently covers franchise news and food trends.
2 min read
Opinions expressed by Entrepreneur contributors are their own.

People rely on their smartphones for countless tasks these days -- and Chase wants to add cash withdrawals to the list.

According to USA Today, JPMogran Chase plans to upgrade its ATMs later this year. In addition to several updates, the change will enable customers to withdraw money using their smartphones.

Related: Big Banks Make Online Payments Easier for Business Owners

Initially, ATM withdrawals will be conducted using a one-time pin number sent to a user’s phone. The option could prove useful if someone lost or wanted to avoid carrying their debit card, since the app wouldn’t replace the need for one. Eventually, the plan is to allow withdrawals by simply tapping a phone to the ATM.

“[It’s] just giving customers another convenient option if they do not have their debit card with them,” JPMorgan Spokesman, Michael Fusco, says in the article.

The technology, Fusco says, is the same used in Apple Pay or similar apps.

But as banking becomes more digital, concerns continue to surface regarding network security and privacy. For example, according to a Macworld article, prior to Apple Pay’s launch in July, techies questioned the possibility of hackers gaining access to card information and personal data. To address these concerns, the company says it invested in multiple safeguards ranging from longer passcodes and fingerprint authorization to approve purchases, as well as encrypted programing. Thus far, the efforts seem to be effective in keeping user information safe.

Chase's impending rollout will permit withdrawals up to $3,000, allow more custom withdrawal amounts, check cashing and credit card and mortgage payments.

With the upgrade, Chase is aiming to escalate the number of transactions processed by ATMs as it continues to outpace teller transactions throughout its 1,500 branches.

Related: How to Practice Safe Online Banking

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