- 5 June 2017
Choosing the easiest way to do something is one of the reasons why technology is constantly evolving. The ATM machines make no exception. The contactless system, also known as NFC, is already working in stores. Now why wouldn’t it work at ATM’s too?, Robert Harrow, an analyst at valuepenguin.com is asking himself in a post published on the Huffing Post online edition .
The NFC Technology (Near Field Communication) is basically a wireless communication between your card, your credit card specifically in this case, and a certain device. Simply by holding the credit card close to the ATM, a user can transmit all the information needed to verify their identity and access accounts. However, Robert Harrow is taking the NFC system idea one step further and brings to the table the possibility to access your credit card information from an ATM by swiping your mobile phone or tablet and retrieving your credit card info without involving the actual card in the process.
It seems that this NFC system would make things harder for thieves as it is easier to steal financial information from physically swiped cards than from other devices.
Because NFC requires the installation of additional hardware, it will be some time before banks provide cardless service at every ATM, especially with tens of thousands of machines spread across the country. In the meantime, some banks are implementing software-based solutions that work through their mobile apps.
“The advantages provided by cardless transactions are too great for banks to ignore. Cybersecurity takes up a greater share of time and ../resources at financial institutions each year, and it makes sense for banks to invest in a system that can improve the security of their retail banking products. Expect to see more and more cardless ATM options in the coming years, whether they use NFC hardware or a software-based verification system.”, is the conclusion reached by the author at the end of the article.