Yesterday we featured an article about future ATM machines, and how they might have holographic, floating interfaces. That would be a big change to the way we use ATM machines now (and a lot less germy). However, there is another pretty cool advancement when it comes to the way we get money from ATM machines, and since some banks are using it now, we won’t have to wait for the future to check it out. It’s a way to use your smartphone as an “ATM remote control.”
The way it works is super simple. Using an app on your smartphone, you would place an order for cash on your bank’s website. You can do this 24 hours before you want to pick up the cash at the ATM, or you can do it a few seconds before you walk up to the machine, it’s up to you. In order to get your cash, you just walk up to the ATM machine, scan the QR code, and it will dispense your cash to you.
The whole process apparently takes about 9 seconds from the time you scan the code until you have your money. This is significantly shorter than the 30 – 40 seconds a traditional ATM transaction takes. Hey, every bit of time optimization counts, right?
I know what you’re thinking, and I was thinking the same thing. What about security? Each QR code is only good for one transaction. In other words, every time you wan to get money, a new QR code is generated. Also, in order for someone to retrieve the money if they stole your phone, they’d have to know your phone passcode, your bank login and your private PIN number.
This system seems to be working well at the three banks where it’s already being implemented. Hopefully someday all banks will offer this option for their techie customers. I really like the idea of not needing any plastic to get money from the ATM, but wow, it really makes you realize how our smartphones are becoming even more important in our everyday lives.