No Wallet, No Worries: Your Smartphone Is Now Your ATM Card - NerdWallet

MORE LIKE THISMaking MoneyPaying Your BillsBankingPersonal FinanceWhile walking her dog one evening in San Francisco, Melinda Hickman suddenly realized two things. She needed to get cash to pay her house cleaner the next morning — and her bank card was back at home in her wallet. Unfazed, Hickman signed in to the Wells Fargo app on her smartphone. After a few taps, the app generated an eight-digit code. At a nearby ATM, she punched in the code and her PIN and was able to withdraw the money.“It was simple and convenient,” she recalls. And because no swipe was involved, the transaction was more secure than a standard withdrawal.Convenience and security are two big reasons banks believe consumers will embrace cardless ATM access. Indeed, 2017 is shaping up to be the year cardless ATMs catch on. Since March, when Wells Fargo debuted app-based authentication at all of its 13,000 ATMs in the United States, customers like Hickman have carried out more than 1 million cardless transactions.Paym...