Wells Fargo to offer Apple Pay-based ATM transactions later in 2017

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In launching smartphone-based ATM transactions across the U.S. on Monday, Wells Fargo simultaneously announced plans for NFC support "later this year," including Apple Pay.

People will only have to hold their iPhone up next to an NFC-enabled terminal and enter their PIN, the bank explained. Other compatible platforms will include Android Pay, Samsung Pay, and Wells Fargo Wallet.

The method premiering today requires that people use the Wells Fargo mobile app to obtain a one-time, eight-digit code, in addition to entering their PIN. The option may actually be less convenient than a card, but avoids the risk of skimmers and can be handy if a card is forgotten at home.

At the moment over 5,000 Wells Fargo ATMs — about 40 percent— are already equipped for NFC, the bank said.

One of the company's chief rivals, Bank of America, has been offering Apple Pay at ATMs since June 2016. Support has been limited to "select" terminals however, which might mean Wells Fargo will find itself on relatively equal ground.

Both banks were early supporters of Apple Pay for online and retail payments. Apple is still working on expanding the platform in that regard, though the main issues have become U.S. merchant support and international banks.