Wells Fargo to offer Apple Pay-based ATM transactions later in 2017

Posted:
in iPhone
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.

Comments

  • Reply 1 of 11
    SoliSoli Posts: 10,038member
     . . .

    edred
  • Reply 2 of 11
    Nice.

    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?
    lostkiwijbdragon
  • Reply 3 of 11
    rob53rob53 Posts: 3,263member
    Nice.

    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?
    That's what it sounds like to me. (Not ApplePay) Their initial system could just as easily use TouchID instead of entering a stupid PIN, something I can do on the ATM just as easily (or hard). WF will require an app and Apple allows TouchID usage within apps so WF needs to find a programmer who actually knows something about iOS before wasting a lot of time doing it incorrectly. A better way would be for WF to a Passbook-aware-type app that senses when you're near a WF ATM and have it automatically bring up an ATM window. Enter what you want to do, then use TouchID to authenticate and you're done--at least until all the advertisements are finished.
    lostkiwi
  • Reply 4 of 11

    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.

  • Reply 5 of 11
    mac_128mac_128 Posts: 3,454member
    Couldn't care less. I closed my Wells Fargo account immediately after they started illegally opening customer accounts. Can't do business with a dishonest bank engaged in fraudulent activity.
    SpamSandwichlostkiwi
  • Reply 6 of 11
    SpamSandwichSpamSandwich Posts: 33,407member
    There's a push by governments to eliminate cash and for citizens to transition completely to a digital currency because it would be easier for them to track and stop "criminal activity" (a term that is continually shifting). Cash or non-cash trades are the last holdout against such intrusions against private transactions.
    lostkiwi
  • Reply 7 of 11
    mike1mike1 Posts: 3,316member
    C'mon Chase. It's your turn. I understand it will take years to replace all the ATMs in the wild, but it's time to start.
  • Reply 8 of 11
    mike1 said:
    C'mon Chase. It's your turn. I understand it will take years to replace all the ATMs in the wild, but it's time to start.

    I read somewhere that Chase is developing its own ApplePay competitor.
  • Reply 9 of 11
    SoliSoli Posts: 10,038member
    mike1 said:
    C'mon Chase. It's your turn. I understand it will take years to replace all the ATMs in the wild, but it's time to start
    I read somewhere that Chase is developing its own ApplePay competitor.
    Chase already has Chase Pay, but it's not really an Apple Pay competitor, just a parallel option. Chase cards already have Apple Pay pretty much across the board, if not entirely across the board and I don't expect support for it to go away.
  • Reply 10 of 11
    SoliSoli Posts: 10,038member
    Nice.

    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?
    rob53 said:
    Nice.

    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?
    That's what it sounds like to me. (Not ApplePay) Their initial system could just as easily use TouchID instead of entering a stupid PIN, something I can do on the ATM just as easily (or hard). WF will require an app and Apple allows TouchID usage within apps so WF needs to find a programmer who actually knows something about iOS before wasting a lot of time doing it incorrectly. A better way would be for WF to a Passbook-aware-type app that senses when you're near a WF ATM and have it automatically bring up an ATM window. Enter what you want to do, then use TouchID to authenticate and you're done--at least until all the advertisements are finished.
    That's not what it sounds like to me. The PIN on the ATM is still a security measure. This is a digital debit card, To wit, you'll be able to leave your physical debit card behind and have access to your virtual debit card with its referential card number tied to your WF account which is protected behind a device passcode (and Touch ID).

    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.
  • Reply 11 of 11
    jbdragonjbdragon Posts: 2,311member
    There's a push by governments to eliminate cash and for citizens to transition completely to a digital currency because it would be easier for them to track and stop "criminal activity" (a term that is continually shifting). Cash or non-cash trades are the last holdout against such intrusions against private transactions.
    Actually, what they want is to make sure you're paying TAXES on everything. When you pay in CASH, they're not getting their cut. That including selling and buying USED crap at a garage sale.
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