Diebold’s new “Irving” machine allows customers to request cash through their smartphone ahead of time.
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The “Irving model” ATM, created by Ohio-based Diebold, eliminates the need to use a card and PIN to withdraw cash. The machine will be tested by Citigroup in New York.
The proactive solution aims to provide an alternative means of conducting money transactions, by introducing BYOD (bring your own device) access.
It is expected that about 20 such ATMs will start service in the first half of 2016 in Suzhou to help relieve the pressure of long queues in front of bank counters, the report said.
Diebold claims the whole transaction takes just 10 seconds. Customers schedule a withdrawal through their bank mobile app and then when they approach the machine they are identified via NFC, QR code or via iris scanning biometrics and their money is dispensed.
“While digital channels continue to evolve, cash will continue to have a role in consumer transactions”, Diebold executive vice president, self-service technology Frank Natoli said in the announcement.
If company representatives are satisfied with the results, the 5 trillion dollars of currency that are in circulation around the world might one day soon be accessed in an entirely modern way, which brings together the digital and physical world. Even if it does, it might take years before a national rollout can be carried out.
The moves comes in response to U.S. credit scoring firm FICO announcing that in May this year the number of attacks on debit cards used at ATMs had reached its highest level in 20 years.
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Citigroup is not the only financial institution testing out cardless cash machines – JP Morgan Chase and Bank of America are working on similar technology.
