Mikey Campbell
Bank of America and Wells Fargo are reportedly working to bring Apple Pay compatibility to their respective ATM machines, meaning iPhone and Apple Watch owners might soon be able to complete transactions using provisioned debit cards.
While neither bank confirmed plans to incorporate Apple Pay into upcoming ATM digital wallet solutions, representatives intimated such potential to TechCrunch on Thursday.
Wells Fargo ATM lead Jonathan Velline said a team of engineers has been tasked to develop a hardware and software solution that will bridge the gap between mobile device wallets, like products marketed by Apple and Google, and physical cash dispensers. Android Pay is confirmed for Wells Fargo's initial rollout, but Apple Pay could be next.
"We've been working on the technology that allows us to hook to digital wallets, leveraging NFC on mobile phones to replace the card at the transaction at the ATM," Velline said. "Right now the wallet that we support is Android Pay."
Wells Fargo plans to support multiple wallet types and is currently investigating which systems are most suitable for their customers, Velline said. Considering its relatively high adoption rate among smartphone users, Apple Pay is likely among the front runners for program integration.
Bank of America's Consumer Banking Products representative Betty Riess was less candid in discussing future plans, though she implied Apple Pay could join existing ATM support for mobile wallets, the report said. Like Wells Fargo, Bank of America is developing a cardless ATM solution to allow customers with NFC-enabled smartphones to authenticate and complete transactions.
A rollout for Bank of America's solution is expected in late February at a number of ATMs in Silicon Valley, San Francisco, Charlotte, New York and Boston, with wider support to follow mid year, Riess said. Wells Fargo did not offer a timeline for launch.
While users can add debit cards to iOS Wallet, NFC Apple Pay payments are currently limited to partner merchants with appropriate hardware. In a conference call on Tuesday, Apple CEO Tim Cook said Apple Pay is now accepted at over five million terminals.
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23 Comments
Someday I hope I ditch all plastic cards and only need to carry my iPhone to pay for retail purchase transactions and banking including withdraw money from ATM.
One less card in my wallet and ESPECIALLY one actually connected directly to my money: a welcome future.
This would be a very cool feature. Especially when one has to worry about security (e.g., the use of card skimming devices and such) or for convenience (e.g., using the ATM while sitting in a car when it's sometimes tough to position the exact height and the distance to insert the card easily).
Give me the ability to withdraw cash at my Wells Fargo ATM, and pay for gas with ApplePay, and it will just about remove most reasons why I carry my plastic cards.
Nice that Apple Pay is getting more adoption everywhere. It should be noted that the best source for anonymous and secure transactions is still cash and it'll be a dark day when the US eventually becomes a cashless society. Fiat money which exists without real scarcity (it is easily manipulated for political purposes) and is controlled by a central bank eventually will become worthless. It doesn't matter if fiat currency is paper or digital.