Chase ATMs in the race to cardless cash

 In News

JPMorgan Chase will implement cardless ATM access across its entire fleet this year, according to the New York Post, which broke the story.

The news follows a December announcement by Wells Fargo that it would offer cardless cash, and an October announcement by Diebold Inc. and Citibank that the two were testing a cardless ATM concept that uses iris scanning for user recognition. Both Wintrust and BMO Harris introduced fleet-wide mobile cash withdrawal in 2015.

The bank also plans to implement a number of additional upgrades to its ATM service, including banknote dispensing in $1, $5, $20 and $100 denominations and an increase of the daily withdrawal limit from $1,000 to $3,000 at in-branch ATMs.

Chase has been testing the cardless “eATM” since last year at 156 branches in New York City. To allow a system-wide rollout of the facility, the FI will now begin to upgrade or replace remaining units across its 15,500 ATM fleet.

Chase cardless withdrawals are carried out via the bank’s mobile app. To make a withdrawal, a customers simply opens the Chase app and enters the amount of cash desired. They then receive a one-time use code, find the nearest ATM and enter the code on the machine’s keypad to complete the withdrawal.

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