Wells Fargo Doubles Down on Mobile Card-Free ATM Access

by Sarah Grotta 0

Mobile Payments Today reported on Wells Fargo’s plans to provide the option of cardless transactions for its customers across its entire fleet of approximately 13,000 ATMs, an industry first:

Wells Fargo has made a habit of rolling out ATM firsts in the U.S.— the bank’s pioneering innovations over the years have included on-screen advertising, envelope-free deposits, postage stamp dispensing, customized transaction menus, email and SMS receipts, cash redemption of credit card points, and probably a few others not on this list.

Alas, Wells Fargo cannot claim a first with cardless ATM transactions, but it can claim credit for all-in implementation, with a simultaneous rollout of both NFC- and code-based programs (starting in the second quarter and the second half of 2016, respectively) for card-free access at Wells Fargo ATMs.

The Wells Fargo approach uses NFC technology in the ATM and NFC in customers’ mobile phones with the bank’s app to authenticate the cardholder. Consumers will be able to hold their phone close to the ATM and use a passcode or thumbprint instead of their card. Plans are in place to open up this feature to other non-Wells Fargo cardholders.

Overview by Sarah Grotta, Director, Debit Advisory Service at Mercator Advisory Group

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