It looks like one of the best reasons to use NFC based, contactless smartphone payment systems just kicked off recently. Although Android Pay and Apple Pay are getting off to a slow start with retailers in the US, a new functionality is being implemented that might spur growth in the adoption rate by consumers.
This would snowball into a faster adoption rate by retailers as well. Several major U.S. banks confirmed they are introducing contactless ATMs in 2016. This includes Bank of America, Chase and Wells Fargo.
The only negative to contactless ATMs is that the security issues are increased. This isn't because the NFC system is less secure, it's because ATM technology is still pretty old across the country. To make the old systems work with the newer tech and still be secure, the initial implementation will require QR code authentication, which slows down the process and defeats the purpose of a contactless system.
Eventually, the ATM systems will be upgraded with a fully implemented contactless biometric security setup. At that time, they will be more secure than the antiquated systems in place today. Here's a quote with a few more details,
"The adoption of contactless ATMs by major banks in US will likely help to cut down on card skimming and fraud. With no physical debit card to swipe, criminals would have to figure out how to crack the tough encryption on mobile payment Apple and Google's services, which is no easy task."
What do you folks think? Would you like to see ATMs convert to an NFC contactless smartphone system?
Source: The Verge