Consumers and merchants alike, within the payments arena, are entering an era full of technological reformation. From online banking, to the impending widespread replacement of traditional
debit/credit cards with contactless-enabled smartphones, it seems the necessity of those plastic cards we’ve all been trained to hold so dearly is dying down. A recent innovation entering this
space is the implementation of cardless ATMs. Banks outside the U.S. have already begun adopting technology, and it’s slowly but surely making its way to the U.S. Wintrust Financial, a
Chicago-based regional bank, recently implemented software that enables cardless usage in 200 ATMs in the Chicago area. The software is powered by the fintech powerhouse FIS, based in
Jacksonville, Florida. The process for usage is simple: First, the specified banking app has to be downloaded by the user, after which the user simply signs in using the bank’s login. From
here, whenever the user wishes to withdraw money from an enabled ATM, he simply has to select an amount within the app, tap the cardless option on the enabled ATM, scan the QR code displayed on the
screen, and there you have it – the money is dispensed, without any fumbling for cards or wallets. It is also important to mention that the first steps, the queuing-up of the money before
actually approaching the ATM, can be done ahead of time (i.e. while waiting in line for the ATM).
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