Apple Pay is set to get a new boost as Bank of America and Wells Fargo are said to be working on integrating it into their ATMs. According to a report, engineers at both companies have been placed on multi-month assignments to build the Apple Pay options. After the integration, users would likely tap their phone to the ATM’s NFC point, which would bring up the passcode or thumbprint verification screen on the phone. Once confirmed, users would be able to access some ATM functionality as if they had inserted their card and entered their pin. Working with Apple Pay could save the banks money by protecting against fraud. It’s much easier to duplicate a credit card than an iPhone. Apple Pay can be set to require a fingerprint scan, which ATMs don’t offer. Apple Pay passcodes can also be long and complex, compared to the simple 4-digit pin codes used on debit cards. Apple Pay could also thwart the use of card skimmers; the devices fit over the front of ATMs as a fake facade, and then steal the information from cards inserted into them. Switching to NFC and mobile phones would prevent this since there would be no card involved.
