Paying by phone is becoming more and more popular. In the future, maybe your smartphone can replace ATM card.
Wells Fargo, one of the big banks in the US, will apply this new deal in early this week. This bank decided to test for 13,000 ATMs in the US.
More than 20 million bank customers can use the Wells Fargo Mobile application to access their accounts, by providing a PIN code associated with an 8 digit code generated automatically through the application.
It is important that these 8-digit codes can only be used once, and you will be given another code for the next transaction.
According to Jonathan Velline, head of Wells Fargo’s ATM division, two-step authentication on the phone is a more convenient and secure method of conducting money transactions.