According to an unconfirmed report posted to Reddit on Sunday, Bank of America customers living in Redondo Beach, Calif., can now withdraw cash from certain NFC-enabled ATMs. The system does not appear to be fully operational, however, as deposits still require a physical debit or checking account card.
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On machines with activated NFC internals, customers simply open Apple Pay on their iPhone, tap the device to the reader, enter a PIN and make a withdrawal.
I think I have only deposited cash into an ATM once in my 50 years. Since smartphone banking came into full use I have not deposited checks using an ATM either. I doubt that the withdrawal-only limitation will be a big deal.
PIN with Apple Pay?
yes, pin number requirement would be a 2nd line of security in case your watch was stolen. Apple Watch does require password when cards are loaded on to the watch.
Once this is widespread, people should feel more confident to leave their credit cards at home as they can use a cash withdrawal as a backup plan to standard Apple Pay-ments.
What is the point? You still need a wallet for your drivers license, medical insurance, AAA, grocery rewards, Home Depot card, etc. Plus you need some place to put that cash in your back-up plan. Why even think about a couple empty slots in your wallet? You save carrying around one ounce of plastic, big deal. Personally, I'd rather have the cards with me than laying around the house where some teenager can get their hands on them. I never go anywhere without credit cards, you know, in case I need to buy gas, or something where they don't have Apple Pay. I do use Apple Pay wherever it is available, but it will be a long time before it is accepted everywhere. Plus you need cards for airlines, rental cars, etc. where they read the card at a kiosk, not just to pay, but to put a temporary hold on funds. You can't really do that with Apple Pay.
But when your wallet is lost or stolen, you don't have to worry about cancelling every credit card. And most of those other things you mentioned will be integrated into smartphones in the next few years, even driver's licenses.
http://9to5mac.com/2016/05/13/uk-drivers-license-apple-wallet-iphone/
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