App Lets Smartphone Owners Withdraw Cash with No Card
In a move meant to fight fraud, BMO Harris Bank of Chicago is prepared to allow customers to withdraw cash from ATMs by using their smartphone. The service will require a device-side app. BMO customers can prepare the app for a withdrawal, selecting the amount they want, before they reach the ATM. When the customer arrives at the ATM, they specify a mobile withdrawal and hold up a QR code generated by the app. The code is scanned by the ATM and the ATM dispenses the cash — no debit card required. The idea is to reduce the reliance on debit cards, which are a weak link in the process thanks to skimmers and other methods for stealing the data stored on the card's magnetic stripe. According to BMO, the account holder's card details aren't stored locally on the phone, the bank can remotely delete the app if the phone is lost or stolen, and the information passed between the phone and ATM is encrypted and used only once. The service will initially launch at 750 BMO Harris Bank ATMs across Illinois and Wisconsin, and increase to 900 ATMs by June. BMO Harris is owned by Canada’s Bank of Montreal.
Several Banks Add Android Pay to Their Own Apps
Google has partnered with a small number of financial institutions in order to ease the process of signing up for Android Pay. Several banks, including Bank of America, Bank of New Zealand, Discover, mBank, and USAA, now let customers add debit/credit cards directly to Android Pay from within the mobile banking app.
Google Unfolds A Brand New Wallet App for Android
Google today released a fully redesigned Google Wallet application for Android devices. Google Wallet is not an app for making mobile payments at retail.
Google Wallet Users Can Send Money Via Text Message
Google Wallet now lets people send money to others using only a phone number. The app has supported the ability to send money via email for a long time.
Banks Prepping Smartphone-Enabled ATMs
JPMorgan Chase and other banks are readying next-generation ATMs that will allow people to withdraw funds using their smartphone. Chase said the first series of new ATMs will grant access to cash through the Chase mobile app, and will require a code.
dont you love the future? haha