iPhone users will soon be able to use Apple’s TouchID to withdraw cash from their accounts at more than 70,000 ATMs throughout the US.
FIS has teamed up with Payment Alliance International, and the new partnership will bring cardless cash withdrawals to over 70,000 ATMs in the US with Apple’s Touch ID.
Expanding Access to Convenient Cash Withdrawals
The 70,000 ATMs will be located at various convenient locations such as gas stations, restaurants, and stores across the US. This widespread availability ensures that users can access their cash easily without the need for a physical card. The cash withdrawals will be facilitated through an app on your iPhone, which will use Apple’s Touch ID to verify the withdrawal. This method not only enhances convenience but also adds an extra layer of security, as it eliminates the risk of card skimming and other fraudulent activities associated with physical cards.
Payment Alliance International is the largest independent operator of ATMs that are non-bank owned. This new partnership makes it the first national payment network to offer mobile phone cash withdrawals on such a large scale. The collaboration between FIS and Payment Alliance International signifies a significant step forward in the evolution of digital banking and financial technology.
How It Works
To use this new feature, iPhone users will need to download the specific app provided by their bank or the ATM network. Once the app is installed, users can link their bank accounts and set up Touch ID for authentication. When they need to withdraw cash, they simply open the app, select the amount they wish to withdraw, and authenticate the transaction using Touch ID. The app will then generate a unique code or QR code that can be scanned at the ATM to dispense the cash.
This process is not only quick and efficient but also reduces the need to carry physical cards, which can be lost or stolen. Additionally, it provides a seamless experience for users who are already accustomed to using their iPhones for various other secure transactions, such as Apple Pay.
Previous Implementations and Future Prospects
Bank of America previously launched a similar feature, allowing cash withdrawals using your iPhone and Apple Pay in the US. This move by Bank of America was well-received and demonstrated the potential for mobile-based cash withdrawals. The new partnership between FIS and Payment Alliance International builds on this concept and expands it to a much larger network of ATMs, making it accessible to a broader audience.
The introduction of cardless cash withdrawals using Touch ID is part of a broader trend towards digital and mobile banking solutions. As technology continues to advance, we can expect to see more innovations in this space, such as the integration of other biometric authentication methods like facial recognition and voice recognition. These advancements will further enhance the security and convenience of banking services, making it easier for users to manage their finances on the go.
The collaboration between FIS and Payment Alliance International to bring cardless cash withdrawals to over 70,000 ATMs in the US is a significant development in the world of digital banking. By leveraging Apple’s Touch ID, this new feature offers a secure, convenient, and efficient way for iPhone users to access their cash without the need for a physical card. As the financial industry continues to evolve, we can look forward to more innovative solutions that will further enhance the way we interact with our money.
Source MacRumors
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