Consumers eschewing their credit and debit cards in favor of mobile wallets can get further than ever these days, using their phones to make payments at millions of retailers and via countless mobile apps. That being said, certain transactions still require a physical card, meaning even the most tech-savvy consumers have to carry their real wallets with them anyway. With their cards in their pockets, consumers often revert to old habits despite having set up the mobile payment app on their smartphones. It seems that to truly accelerate mobile payment adoption, consumers are going to have to feel comfortable leaving their cards behind altogether. 

One of the biggest reasons consumers have to carry their cards with them is to access ATMs. Now, Bank of America has announced it is rolling out cardless ATMs around the country, meaning people will be able to access their funds with just a tap of their phone. According to the bank's website, users will simply need to open a BoA card in their digital wallet (both Android Pay and Apple Pay are accepted), tap their smartphone on the NFC logo, then enter their PIN on the terminal. For now, smartphone access will only allow consumers to transfer funds, check their balance and withdraw cash, but not deposit money into their account. 

In addition to convenience, integrating mobile wallets into ATMs could also improve their security, Wired reported. Without having to present a physical card, for example, fraudsters will lose out on the opportunity to skim card data from the ATM. Plus, if cardless ATMs eventually authenticate cards with a fingerprint scan from the mobile device rather than with a PIN, yet another source of fraud could be cut out of the equation. 

At Vantage, we're experienced in helping merchants determine which payment processing solutions are right for their business models. Contact us today to learn more about the latest payment technology, ask a question or schedule a consultation.