Smartphones will soon replace ATM cards
Mobile payments are becoming more and more popular and diverse in their methods. In the near future, your smartphone may even replace your ATM card.
Wells Fargo, one of the major banks in the US, will apply this new transaction method as early as this week. The bank has decided to test it on its 13,000 ATMs in the US.
More than 20 million of the bank's customers can use the Wells Fargo Mobile app to access their accounts, by providing a PIN combined with an 8-digit code automatically generated through the app.
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| Wells Fargo will apply ATM withdrawals by phone. Photo: Phonearena |
It is important that these 8 digit codes can only be used once, you will be given another code for your next transaction.
Two-step authentication on your phone is a more convenient and secure way to make transactions, according to Jonathan Velline, head of ATM at Wells Fargo.
According to Zing
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