CARDLESS ACCESS TO ATM – SHOULD YOU BE CONCERNED?
Lately, several large banks including Wells Fargo and BMO Harris have jumped on the bandwagon of offering cardless ATM transactions to their customers. While overall adoption of cardless ATMs is very low at banks that have had them for a year or more, experts believe the trend will gain steam over time.
Many of Lieberman Companies ATM customers offer transactions in what are known as “non-bank” locations such as bars, restaurants, hotels. These will locations will probably be some of the last to adopt cardless technology. Why? A universal software for cardless transactions will have to emerge and be loaded on ATMs. There are several out there now but none with significant market share. Also, some hardware upgrades may be needed.
While we are digesting EMV expenditures the last thing we want to hear about is more potential expenses on the way. Before getting too upset, read the Fiserv White Paper article which gives the history of cardless transactions. Additionally, our ATM team at Lieberman Companies is actively following cardless trends and will bring them to you when we think the time is right.
The ATM field is interesting with constant technological changes and evolution. Feel free to call our team anytime with questions or concerns at 952-887-5285.