BMO Harris Bank, the US arm of Canadian lender BMO Financial, has launched a new technology that allows cash withdrawals from an ATM without the use of cards.
Mobile Cash, the card-less ATM technology, will allow consumers to withdraw money from an ATM using their smart-phone.
The new solution will generate square matrix-style QR code to be scanned by customers via their smart-phone to withdraw the desired amount of cash.
Mobile Cash will reduce card frauds as the customer card information will not be stored on the phone and will speed up ATM transactions by eliminating the need to take out the debit cards from one’s wallet.
The service will be initially available in 750 Mobile Cash ATMs with additional 150 ATMs slated to feature the service from June, 2015 using.
BMO Financial Group head of North American channel strategy and solutions Connie Stefankiewicz said: "BMO Harris is continuing to invest significantly in technology that is designed to address consumers’ evolving preferences.