Wells Fargo brings cardless transactions to 13,000 ATMs

Wells Fargo brings cardless transactions to 13,000 ATMs

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."

Comments: (6)

Craig Lawrance
Craig Lawrance - Starkspur Ltd - Chalfonts 27 March, 2017, 15:15Be the first to give this comment the thumbs up 0 likes

Video shows Access to cash with customer using a one-time access code plus a PIN code. Is that the card PIN (of the card not being used), or some other customer PIN?

Matt White
Matt White - Finextra - Toronto 27 March, 2017, 19:31Be the first to give this comment the thumbs up 0 likes

It's the card PIN.

A Finextra member
A Finextra member 27 March, 2017, 19:43Be the first to give this comment the thumbs up 0 likes

Bad UX. I covered this subject five years ago: https://www.finextra.com/blogs/fullblog.aspx?blogid=6998

Flow can be implemented differently, but it must be based on QR shown on ATM display - which is then scanned via the user's app. Nothing shall be entered on ATM. 

 

A Finextra member
A Finextra member 28 March, 2017, 09:12Be the first to give this comment the thumbs up 0 likes

Link to Alex's blog

Ketharaman Swaminathan
Ketharaman Swaminathan - GTM360 Marketing Solutions - Pune 28 March, 2017, 19:28Be the first to give this comment the thumbs up 0 likes

@AlexanderPeschkoff + 1. For all the QR-skeptics, here's a piece of news from a self-confessed QRcomaniac: As long as the QRC is an integral part of a process that has a compelling reason to be completed, most users scan them. Starbucks proved it by using QR in USA's #1 mobile payment app; PayTM proved it by using QR in India's #1 mobile wallet. AFAIK, the wildly popular AliPay in China also uses QRC.

James Piggot
James Piggot - Finastra - London 29 March, 2017, 09:271 like 1 like

If you have a phone and have loaded a bank App then why not just use a contactless ATM with your phone, avoids the hassle of entering eight-digit access codes plus pin number. Otherwise scanning a QR code so long as it works seems to generate less friction even if it seems old school to some..

On the other hand I have cash in my wallet that has sat there for weeks, not because my spendthrift ways have changed but because it is easier to pay with a phone or a contactless card...

 

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