Technological Innovations Drive the world ATM Market

Automated Teller Machine (ATM) enables users to do transactions at any time. It provides convenience users to withdraw money when banks are closed. Though banks provide pin and CVV, frauds and card skimming are creating problems in lives of users. But, ATM industry is moving toward more time efficient and secure way of transactions. A new service called contactless ATM has been introduced, which enables users to withdraw cash using smartphones. Contactless ATM, also known as eATM are paving way in the world. Contactless ATM services enable users to access without debit cards. The service has been put into practice in countries, such as Canada and Spain. Banks in U.S. are endeavoring to bring contactless ATM services with the help of mobile payment services, such as Apple Pay and Android Pay. Banks, such as Chase, Bank of America, and Wells Fargo are planning to create NFC-equipped ATMs. Chase is launching their program in two phases.