Cardless ATMs

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 

  1. What are benefits of cardless ATMs for consumers and business?
  2. Describe potential problems with cardless ATMs.
  3. What other types of mobile banking apps might be developed in the future?
Categories: Chapter 4, Debit Cards | Tags: , | Leave a comment

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