Chase Expands Cardless Access To Nearly All Its ATMs

Almost all of JPMorgan Chase's ATMs no longer require a card to withdraw money. The credit card company on Wednesday announced that most of its machines had been upgraded, allowing customers to use their smartphones to make transactions.

Customers can now "tap" their phone on the ATM to easily and securely access money, the company said in a press release. The feature can be accessed via a mobile wallet such as Apple Pay, Google Pay, or Samsung Pay via a smartphone on any machine with a "cardless" symbol. However, a PIN code is required to verify the user’s identity.

"Cardless no longer means cashless," said Sol Gindi, Chief Administrative Officer of Consumer Banking at Chase. "As more of our customers are using digital wallets to pay, we’re pleased to be able to provide them with the same experience at the ATM."

The New York-based bank first announced it was updating its ATMs with the cardless feature in 2016. Since then, it has been installing the technology at its 16,000 machines nationwide. The capability uses "near-field communication," which allows transactions via mobile wallets.

Rival banks Wells Fargo and Bank Of America have also been equipping their ATMs with cardless capabilities. In 2017, Wells Fargo made over 5,000 of its machines Apple Pay-compatible. Bank of American began upgrading its ATMs with the feature in 2016.

JP Morgan’s shift toward a cardless future may prove to be cost effective for its customers and the company. Each time a card is lost or stolen, it costs 20 cents for the bank to replace it, according to management consultant A.T. Kearney, per Reuters. To mail out a paper checking account statement to a customer costs roughly $9 a year.

Shares of JP Morgan (JPM) increased 0.62 percent, closing at $115.66 on Wednesday.