JPMorgan Chase to Upgrade its ATM Facilities

JP Morgan ATMIt was announced recently that financial giant JPMorgan Chase is getting geared up to upgrade all of its ATMs in a bid to give consumers more choice and provide them with increased convenience. All of the cash machines owned and operated by Chase will receive the upgrade over the course of this year and it will be rolled out in two phases. Once completed, consumers who use the machines will be able to benefit in a variety of ways including the ability to use their smart phones in order to withdraw money from one of the machines.

The first phase of the upgrade process will take place during the earlier part of this year and this will enable consumers to receive a onetime PIN to their smart phone. This PIN can then be used in order to make cash withdrawals from Chase ATMs. However, this is just an interim measure until the second phase of the upgrades is implemented.

The second phase of the upgrade

In a recent statement, Michael Fusco who is a spokesperson for Chase, confirmed that the second phase of the upgrades would provide consumers with the ultimate in ease and simplicity when making withdrawals from an ATM. He said that once the second phase was complete, consumers would simply be able to tap their smart phone against the ATM screen in order to withdraw cash. The same sort of technology is already being used with other payment systems such as Apple Pay.

Fusco said that the technology would prove to be particularly useful for those who don’t like to carry around their debit card or who have forgotten to bring their card out with them. This is because no card will be required to make a withdrawal if the consumer is using the smart phone methods, which should be very quick and simple once it is in place. However, Fusco did also state that the new method of payment would not be replacing debit card withdrawals so consumers will still be able to withdraw cash using their card in the usual way.

The upgrades will provide a range of other benefits for customers to enjoy, which includes the ability to withdraw up to $3000 from ATMs that are located inside a branch. It will also be possible to withdraw specific amounts such as $43 rather than having to withdraw in multiples of $20.