Wells Fargo to offer Apple Pay-based ATM transactions later in 2017
In launching smartphone-based ATM transactions across the U.S. on Monday, Wells Fargo simultaneously announced plans for NFC support "later this year," including Apple Pay.
People will only have to hold their iPhone up next to an NFC-enabled terminal and enter their PIN, the bank explained. Other compatible platforms will include Android Pay, Samsung Pay, and Wells Fargo Wallet.
The method premiering today requires that people use the Wells Fargo mobile app to obtain a one-time, eight-digit code, in addition to entering their PIN. The option may actually be less convenient than a card, but avoids the risk of skimmers and can be handy if a card is forgotten at home.
At the moment over 5,000 Wells Fargo ATMs -- about 40 percent-- are already equipped for NFC, the bank said.
One of the company's chief rivals, Bank of America, has been offering Apple Pay at ATMs since June 2016. Support has been limited to "select" terminals however, which might mean Wells Fargo will find itself on relatively equal ground.
Both banks were early supporters of Apple Pay for online and retail payments. Apple is still working on expanding the platform in that regard, though the main issues have become U.S. merchant support and international banks.
People will only have to hold their iPhone up next to an NFC-enabled terminal and enter their PIN, the bank explained. Other compatible platforms will include Android Pay, Samsung Pay, and Wells Fargo Wallet.
The method premiering today requires that people use the Wells Fargo mobile app to obtain a one-time, eight-digit code, in addition to entering their PIN. The option may actually be less convenient than a card, but avoids the risk of skimmers and can be handy if a card is forgotten at home.
At the moment over 5,000 Wells Fargo ATMs -- about 40 percent-- are already equipped for NFC, the bank said.
One of the company's chief rivals, Bank of America, has been offering Apple Pay at ATMs since June 2016. Support has been limited to "select" terminals however, which might mean Wells Fargo will find itself on relatively equal ground.
Both banks were early supporters of Apple Pay for online and retail payments. Apple is still working on expanding the platform in that regard, though the main issues have become U.S. merchant support and international banks.
Comments
Question/Comment:
To me, this is not really Apple PAY... it is "Touch ID Authentication".
As I understand it, no money will be passing through the iPhone. Instead, the ATM will simply be accepting the user's fingerprint -- via Touch ID -- as a substitute for a physical ATM card. Maybe the answer lies in packaging: Apple has packaged NFC + TouchID in a single Apple Pay framework for developers, even though you can use it for situations that don't really involve a payment?
Mmm...
I see potential for merchants to offer this as a service to their customers -- any merchant could offer an ApplePay-authenticated Cash Over to their customers.
For example, when you shop at Walmart, you can get $60 Cash Over your purchase when you charge with Discover.
Unfortunately Walmart doesn't accept ApplePay, but my daughter often opts to shop at Walmart because of the Cash Over -- 3 teen-agers with insatiable needs for cash.
I read somewhere that Chase is developing its own ApplePay competitor.
To put another way, the ATM is NOT "accepting a user's fingerprint" as Apple Pay doesn't work that way. All Touch ID does is authorize the use of your virtual card within the secure enclave of the device, but it's still the card's number tied to your account that is used for all transactions.