There might be a new wave of mobile payment transactions as after LG Pay White Card is leaked, we have information that Bank of America will soon allow ATM transactions with smartphones. This isn't a rumor nor a concept as the bank shared the news earlier this week. The two are quite different but it tells us that mobile payment services can still be improved. It's not only 'tap and pay'. You can do more with them such as perform ATM services.
Bank of America is trying to beat JPMorgan Chase & Co in releasing this kind of technology. The latter is believed to be introducing a similar service but Bank of America has more definite plans now. The idea is that a user will no longer have to swipe the plastic card to get cash from the ATM. All he needs is his smartphone to make transactions. The cardless transaction is just another option as cards can still be accepted.
This new technology will be wireless and will take advantage of the same technology most payment terminals use to accept mobile payments. This cardless ATM service will be initially offered to employees of Bank of America to select ATMs in Charlotte, Silicon Valley, San Francisco, New York, and Boston. Customer launch will follow mid 2016.
Aside from Bank of America, Wells Fargo and JPMorgan are said to launch similar wireless-virtual card services.