NEW YORK, Jan. 27 (UPI) -- Chase customers will be able to withdraw cash from the bank's ATMs using smartphones instead of debit or credit cards as part of a rollout of new cash machines this year.
The new ATMs at 1,500 Chase branches will allow customers to withdraw cash with a one-time-use identification number sent to a smartphone. In another upgrade to the machines, to come at a later date, customers can withdraw cash by tapping their phones, in the manner of Apple Pay and other payment apps, Chase spokesman Michael Fusco said.
Withdrawal amounts of cash other than the standard $20 increments will also be available. Within two years, Chase ATMs are expected to offer check-cashing services and allow credit card and mortgage payments, Fusco added. Credit and debit cards, though, will not be phased out.
"This is not replacing debit cards, just giving customers another convenient option if they do not have their debit card with them," he said in a statement.
The bank's goal is to minimize face-to-face teller interaction in cases when ATMs can perform the same transaction. Chase currently handles 60 percent of its branch transactions by ATMs and hopes to increase that figure to 90 percent.
