How Wells Fargo Is Changing ATMs
Some Wells Fargo ATMs won’t need your debit cards
Banking giant Wells Fargo (WFC) has taken a huge leap in mobile payments. The bank has already upgraded nearly half of its ATMs with new technology that lets customers access their accounts and withdraw money using their handsets instead of cards.
Over 5,000 of the bank’s ATMs across the US will soon have the NFC (near-field communications) technology, or “tap and pay,” which runs mobile wallet systems like Apple’s (AAPL) Apple Pay, Samsung’s (SSNLF) Samsung Pay, and its own Wallet for Android app. However, customers will still need to enter their ATM PINs. Apple Pay is currently the leading NFC payment service for mobile devices.
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Other banks may follow suit
This will allow customers to leave their debit or credit cards at home, as most smartphones now allow users to store their cards to make mobile payments without carrying physical debit or credit cards.
With the arrival of NFC-enabled transactions, card-free transactions are likely to take off, leaving customers free to leave home without cash or cards. Meanwhile, smartphones are increasingly replacing many products that not long ago, we used to think of as essential.
This move by Wells Fargo is likely to trigger similar moves by the other big banks. Notably, Bank of America (BAC) already began offering tap and pay technology at its ATMs in 2016.