Bank customers may now access ATMs without a debit card. Using a smartphone app, both a cash code (an 8-digit number) and the PIN (4 digits) will be required for cash. App customers may authorize another person from phone contacts to obtain money. The recipient will be sent a cash code to allow withdrawal of an approved amount.
Banks also offer a credit card “lock and limit” app to control security and spending. This feature is used to block overseas transactions where the card isn’t present. In addition, a small business app that can accept on-the-spot payments, create estimates and invoices immediately and help to manage cash flow.
For additional information on cardless ATMs go to:
Teaching Suggestions
- Have students research various mobile banking technology that might be used in the future.
- Ask students to describe their experiences with various mobile banking apps.
Discussion Questions
- What are benefits of cardless ATMs for consumers and business?
- Describe potential problems with cardless ATMs.
- What other types of mobile banking apps might be developed in the future?
Melissa Hart
Focus on Personal Finance, 7e 