JP Morgan Chase launches e-ATMs which use mobile apps instead of cards

Banking and Borrowing

Updated on 27 January 2016 | 1 Comment

Thousands of e-ATMs are set to be rolled out across the USA, but will they catch on here?

JP Morgan Chase is launching e-ATMs which allow you to withdraw money with an app rather than a bank card.

You can either use Apple Pay or a Chase cardless authentication code when you're at an ATM instead of needing a debit card. Then it's just a case of entering your PIN and selecting the services you want to use. 

They’ve already been tested in states like Washington, but the banking giant plans to roll out thousands of machines later in the year.

Withdrawal limits will rise to $3,000 (£2,106) and ATMS will dispense $1, $5, $20 and $100 notes.

New York-area ATMs currently have a $1,000 (£702) withdrawal limit, while many other places in the country have a $500 (£351) per day limit.

It costs 65 cents (45p) to make a deposit with a teller and eight cents (half a penny) at an ATM, while it only costs three cents (0.02p) through a mobile app so banks stand to save a lot of money with these new machines.

Will we get something like this?

At this point it’s difficult to tell, but with a 250% rise in contactless payments in 2015 and more and more people choosing to bank online, there could be a demand for it.

We can now pay for items with our phones with apps like Apple Pay, Beep ‘n Go, Get Cash and Paym. The Santander 123 Credit Card and TSB Classic Plus Current Account even offer incentives for using Apple Pay.

The closest thing that we have to an e-ATM is the Get Cash facility on the RBS NatWest mobile banking app. It gives you a code which lasts for three hours that you can take to your nearest NatWest or Tesco cash machine and withdraw up to £130.

Read more at Why you NEVER need to carry cards or cash again.

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