Although Apple Pay is Apple's mobile payment system, touch ID is the one that is the basis of a new revolution in the banking field, in the USA it will be allowed to withdraw money from ATMs by simply scanning a fingerprint instead of inserting a card into a machine that allows us to withdraw money.
A US banking institution announced during this day the implementation of a new ATM withdrawal system, so that all people who have certain types of cards will be able to make withdrawals through an iPhone application and scanning a fingerprint instead of inserting a card in an ATM.
The idea behind this system is to reduce the risk of a card being cloned so that later money is stolen from it, the user not having to insert a card into the ATM, he only uses an iPhone application to initiate the withdrawal, Touch ID replacing a PIN for withdrawal authorization.
No less than 25.000 ATMs in the Payment Alliance International network in the US will benefit from this system starting in August or September, so that millions of Americans will be able to safely withdraw money from ATMs using a revolutionary technology for this sector.
Forgot your bank card at home? No worries. Many ATMs will soon dispense cash with the help of a smartphone and banking app. A growing number of banks are letting consumers arrange withdrawals via their mobile app and pick up the cash at a nearby automated teller machine. Customers authenticate the transaction by scanning a QR code with their phone, entering a one-time security code or tapping their device on the machine.
At the moment, multiple banks in the US have similar systems that allow scanning a QR code to withdraw money from an ATM, or using a temporary security code to authorize the withdrawal, the system being highly appreciated because it completely prevents the cloning of bank cards.
The launch of this system in the USA will be a first step before its launch on a global scale, this method of withdrawing money bringing more security for bank customers, and probably multiple banking institutions will benefit from it.
