Bank of America adds cardless ATM, preps for 'wearable' payments
Bank of America has advanced its mobile app to include cardless ATM withdrawals and set the stage for its customers to make more payments through wearable devices.
BofA customers making withdrawals from an ATM can now initiate that transaction through their mobile banking app. The bank says it has one of the largest cardless-enabled ATM networks already in place, with more than 10,000 units, and the introduction of the mobile app process will increase cardless activity.
“With 23 million mobile customers and growing, improving the customer experience is always a top priority,” Michelle Moore, head of digital banking at Bank of America, said in a press release. “By taking a customer-first approach to innovation, we continuously raise the bar to deliver new, personalized experiences that make it easier for customers to achieve their financial goals.”
Customers logged into the app select an amount they want withdrawn from an ATM. Upon arrival at the ATM, they can use their smartphone or debit card, and enter their PIN to prompt a personalized screen display that asks if the customer is there to complete the withdrawal.
The mobile process eliminates four steps at an ATM, Bank of America said.
New features added to the contactless ATM include allowing customers to check balances, transfer funds, make deposits and credit card payments and, later this month, the ability to change a PIN.
The bank also announced it is working with Fit Pay Inc. to allow its customers to make contactless payments with their credit or debit cards through various wearables and devices integrated with the Fit Pay payment platform. Those transactions can take place at Near Field Communication-enabled point of sale terminals and BofA ATMs.
"As digital payments evolve, our goal is to give Bank of America customers access to payment options that are easy to use and highly secure," Mark Monaco, head of enterprise payments at Bank of America, said in a press release. "Working with Fit Pay will allow our customers to use a range of new contactless payment devices to improve the payment experience, provide a high level of security, and fit seamlessly into any lifestyle."
Under the agreement, BofA will participate in Fit Pay's Digital Wallet Program, which enables manufacturers of Internet of Things and wearable devices to add contactless payment capabilities to their product.
The platform uses tokenization to replace cardholders' account information with a unique token to transact secure contactless payments.
In another mobile advancement, BofA has added a mobile dashboard to its app that allows users to display the banking features they use most often on one screen, including account balances, card rewards, a spending and budgeting tool, FICO scores, mobile alerts, BankAmeriDeals and the Zelle person-to-person payment service.