Wells Fargo customers can now leave their wallets at home and instead use their mobile phones to make cash withdrawals at the bank’s 13,000 American ATMs.
From today, Wells’ 20 million mobile customers can log into the bank’s app and select the Card-Free ATM access option to request one-time eight digit access codes. At the ATM, users enter the code along with their PIN before carrying out transactions as normal.
“At Wells Fargo, we believe the future is cardless, and the launch of One-Time Access Code provides our 20 million mobile banking customers another convenient way to manage money,” says Brett Pitts, head, digital, virtual channels.
The bank says that as well as being more convenient than using a card, the new system is also secure because not only do customers receive a one-time code, they have to access the app with their password of fingerprint.
Wells Fargo is the first major US bank to introduce cardless transactions across its fleet but it is not alone in employing the technology.
Bank of America and JPMorgan Chase began limited roll outs last year, with the latter also signalling its intent to eventually use NFC technology to enable withdrawals with a tap of a handset.
Adam Vancini, head, operations, virtual channels, Wells Fargo, says: “Mobile continues to be the channel of choice for millions of our customers, so it only makes sense to leverage it for new, convenient ATM experiences.”