Remember back in the day where writing checks was the norm? It’s been a long time since everyone had to carry around a checkbook, but now, just about everyone has a debit or credit card to access cash. With that in mind, how long will it take until those plastic cards become obsolete? While that day may still be some time away, it makes us think about the fate of the iconic ATM machine. With the numerous advancements coming from the mobile phone industry, many people are now making purchases at retailers with their smartphones, and this could ultimately be the dawn of the cardless consumer.
People will still need access to physical cash, but how will they get it if their smartphone turns into a fully-fledged digital wallet? Simple – ATMs will eventually evolve and accept mobile phone withdrawals at their terminals. Some major banks have already rolled out ATMs with smartphone capabilities and as that trend grows, more and more ATMs all across the country will follow suit by upgrading their ATM equipment. While Apple Pay and Android Pay haven’t exactly conquered the purchasing power of debit/credit cards, they surely are making their presence known.
While the vast majority of ATMs will continue to accept card transactions, a select few from big banks are already incorporating NFC technology, which would allow a user to create the ATM transaction on their mobile device and withdraw money. As with most new technology, it may take some time for every bank and ATM manufacturer to include this feature, but rest assured, National Cash will keep a close eye on the emerging technology.