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<ul><li>To access <keyword id="6358921" type="General" weightage="80" keywordseo="upi" source="Orion">UPI</keyword>-ATM, you'll require a smartphone with a UPI app and a registered UPI ID.</li><li>Cardless cash withdrawal from an Aadhar-enabled ATM requires linking Aadhar to your bank account.</li><li>Withdraw cash using a mobile banking app by linking your account and generating a one time code code which you provide at the ATM. </li></ul> India has recently launched Unified Payments Interface or UPI-based cash withdrawal from ATMs, after the <keyword id="6354335" type="General" weightage="50" keywordseo="reserve-bank-of-india" source="Orion">Reserve Bank of India</keyword> governor made the announcement in the last monetary policy briefing. This innovative initiative allows customers to access cash without the need for a traditional debit card. Apart from using UPI, there are other ways you can draw money from ATMs without using your debit card. We take a look at the different options. By using UPI <keyword id="18666429" type="General" weightage="80" keywordseo="upi-atm" source="Orion">UPI ATM</keyword> withdrawal eliminates the need to use a traditional debit card. To access this service, you'll require a smartphone with a UPI app and a registered UPI ID. To withdraw cash from a UPI ATM, follow these steps: opt for the ‘UPI Cash Withdrawal’ feature on the ATM screen, specify your withdrawal amount, scan the QR code displayed on the ATM using your UPI app, and confirm the transaction by entering your UPI PIN. Upon selecting ‘UPI Cash Withdrawal,’ the ATM generates a unique QR code, which, when scanned via your UPI app, authenticates you using your UPI PIN and prompts the ATM to dispense the requested cash. Benefits of UPI-ATM include cardless access, heightened security, and enhanced convenience. By using a mobile banking app You can use a mobile banking app to withdraw cash from an ATM without a debit card. To make use of this feature, first, ensure your bank account is linked to the app. Next, generate a one-time code within the app and specify the desired withdrawal amount. Subsequently, visit a compatible ATM and input the provided code. This action prompts the ATM to dispense the requested cash. This method not only offers convenience but also enhances security through authentication within the app. By using biometric authentication Another method for cardless cash withdrawal from an Aadhar-enabled ATM happens through biometric authentication. First, ensure that your Aadhar number is linked to your bank account. Then, locate an Aadhaar Enabled Payment System (AEPS)-enabled ATM. Input your Aadhar number or provide your bank account details at the ATM. Next, select the desired transaction type and proceed with biometric authentication, typically done through fingerprint or iris scan. After successful authentication, specify the withdrawal amount, and the ATM will dispense the requested cash.The ATM verifies your identity against Aadhar records and deducts the withdrawal amount from your linked bank account. By using SMS For this you need to follow a few steps. First, ensure that your mobile number is linked to your bank account. This is crucial for verification purposes and a smooth transaction. You'll be required to set up a secure PIN for SMS cash withdrawal, a process that can typically be completed either through your bank's dedicated mobile banking application or by visiting a nearby branch. Once your PIN is in place, compose a text message that specifies the withdrawal details, including the desired amount and the recipient's mobile number. This message should be sent to the designated number provided by your bank for SMS cash withdrawals. In response to your request, you will promptly receive an SMS containing a unique one-time code. The next step involves visiting the nearest bank ATM. Here, you will enter the received code along with your mobile number to successfully and complete the cash withdrawal process. It's worth noting that the availability of this service may differ depending on your specific bank. So, next time when you are in need of cash and have forgotten to carry your debit card, remember the above mentioned ways to get the job done without a hassle.

UPI and other ways to withdraw cash from an ATM without using a debit card

New Delhi, Jan 21 () ICICI Bank on Tuesday launched cardless cash withdrawal facility from its ATMs with a per day transaction limit of Rs 20,000.
 This service enables customers to withdraw cash from over 15,000 ATMs of the bank by simply raising a request on iMobile, its mobile banking application.
 "It is a simple and convenient way to withdraw cash without using a debit card," the bank said in a statement.
 The service can be used for self-withdrawal when customers do not wish to carry the debit card.
 The daily transaction limit as well as per transaction limit is set at Rs 20,000, it added.
 Speaking on the launch, Executive Director of ICICI Bank Anup Bagchi said the bank will continue to focus on innovations in technology at all channels and touch-points that will bring more convenience to the customers.
 The bank's consolidated total assets stood at Rs 12,88,190 crore at September 30, 2019. It is present across 15 countries. NKD ANS
ANS

ICICI Bank introduces cardless cash withdrawal facility through ATMs

Mumbai, June 8 (IANS) Soon, you may be able to withdraw cash from an <keyword id="48577" type="TECHNOLOGY" weightage="20" keywordseo="ATM">ATM</keyword> without touching any part of the machine. AGS Transact Technologies, a provider of cash and digital payment solutions and automation technology, on Monday said it has successfully developed and tested a touchless ATM solution in light of the Covid-19 pandemic. The 'contactless' solution, currently under demo at interested banks, enables a customer perform all the steps required to withdraw cash from an ATM using the mobile app itself. The customer simply has to scan the QR code displayed on the ATM screen and follow the directions on their respective bank's mobile application. This includes entering the amount and mPIN required to dispense the cash from the ATM machine. According to the company, the QR code feature makes cash withdrawals quicker and more secure, and negates the chances of compromising the ATM Pin or card skimming. "The new Touchless ATM solution is an extension of the flagship QR Cash solution which ensures safety of the users and will provide a seamless cash withdrawal experience with enhanced security," said Ravi B. Goyal, Chairman and MD, AGS Transact Technologies Ltd. With minimum investment, the banks can enable this solution for their ATM networks by upgrading the existing software. AGSTTL has so far installed, maintained and managed a network of over 72,000 ATMs across the country and also provides customised solutions to leading banks. The company earlier introduced UPI-QR based Cash withdrawal solution in partnership with Bank of India. This is how the solution works. Open the Bank mobile application on your smartphone and select QR Cash Withdrawal. Enter the amount you wish to withdraw on the mobile app and scan the QR code on the ATM screen. Next, confirm the amount by clicking on 'proceed' in the app and enter the mPin to authenticate the transaction. Now collect the cash and receipt and you are done. "The seamless, cardless and touchless withdrawal method is designed to provide easy transaction flow, without the need to touch the ATM screen or enter the pin," said Mahesh Patel, President and Group Chief Technology Officer, AGS Transact Technologies. --IANS na/

Customers will soon be able to withdraw cash from ATMs using smartphones

The popularity of online wallets and UPI apps has made payments quick and easy. Customers no longer have to worry about carrying cash or debit cards with them while going out. However, there are still many places that do not accept online payments and require cash. If you are in need of cash and do not have your <keyword id="6356475" type="UNKNOWN" weightage="20" keywordseo="debit-card">debit card</keyword> with you, there is still a way how you can get cash. Banks like SBI and ICICI allow users to easily <keyword id="2336858" type="PERSON" weightage="20" keywordseo="withdraw-cash">withdraw cash</keyword> without a debit card. Customers can also use PhonePe to withdraw cash from any bank account. <keyword id="7436655" type="UNKNOWN" weightage="20" keywordseo="how-to-withdraw-cash">How to withdraw cash</keyword> from <keyword id="8887222" type="UNKNOWN" weightage="20" keywordseo="atm-without-debit-card">ATM without debit card</keyword> State Bank of India customers If you are a State Bank of India user, you can withdraw cash by following the below steps: 
 
 <div type="image" title="SBI 1" msid="74547693" hostid="261"></div>





 <ul><li>Download and install the YONO app on your <a href="https://play.google.com/store/apps/details?id=com.sbi.lotusintouch&amp;hl=en_IN">Android</a> or <a href="https://apps.apple.com/in/app/yono-sbi-banking-and-lifestyle/id1231393474">iOS</a> device.</li><li>Enter your MPIN.</li><li>Open the app and enter your account details to login.</li><li>Now, open the app and click on ‘YONO Cash’.</li><li>Then, click on ‘ATM’.</li></ul>
 
 <div type="image" title="SBI 2" msid="74547716" hostid="261"></div>





 <ul><li>Now, enter the amount and click on ‘Next’.</li><li>Enter a six-digit YONO Cash Pin of your choice and click on ‘Next’.</li><li>Click on ‘I agree’ and then click on ‘Confirm’.</li></ul>You will receive a YONO Cash transaction number. You will also be able to see SBI ATMs that support YONO Cash once you have initiated the transaction. <ul><li>Go to an eligible SBI ATM and select ‘Card Less Transaction’.</li><li>Now, enter your six-digit YONO Cash transaction number and the six-digit PIN.</li></ul>ICICI Bank customers 
 
 <div type="image" title="ICICI" msid="74547728" hostid="261"></div>





 <ul><li>Download the iMobile app for <a href="https://play.google.com/store/apps/details?id=com.csam.icici.bank.imobile&amp;hl=en_IN">Android</a> and <a href="https://apps.apple.com/in/app/imobile-by-icici-bank/id375276006">iOS</a>.</li><li>Click on ‘Services’ at the bottom.</li><li>Now, click on ‘Cardless Cash Withdrawal’.</li><li>Now, enter the amount and a four-digit PIN of your choice.</li><li>Then, click on ‘Submit’.</li><li>Confirm the details and click on ‘Submit’.</li><li>You will receive an OTP.</li><li>Go to an ICICI Bank ATM and select ‘Cardless Cash Withdrawal’.</li><li>Then, enter your mobile number and four-digit PIN.</li></ul>PhonePe Customers of all banks can use the PhonePe app to withdraw cash from their account. For this, you can use the PhonePe ATM service. 
 <div type="image" title="PhonePe 1" msid="74547743" hostid="261"></div>





 <ul><li>Open the PhonePe app.</li><li>Click on ‘Stores’.</li><li>Now, click on ‘PhonePe ATM’.</li><li>Select a store and click on ‘Withdraw Cash’.</li></ul>
 
 <div type="image" title="PhonePe 2" msid="74547758" hostid="261"></div>





 <ul><li>Enter the amount and select the bank account from which you want to debit the money.</li><li>Now, click on ‘Pay to Withdraw’ and enter your PIN.</li><li>Then, go to the store and collect your cash.</li><li>Once you’ve collected the cash, click on ‘I’ve got cash’</li></ul>See also: <a href="https://www.businessinsider.in/business/startups/news/phonepe-logs-4000-crore-transactions-a-day-after-it-shifts-from-yes-bank-to-icici/articleshow/74545359.cms">Phonepe logs ₹4,000 crore transactions a day after it shifts from Yes Bank to ICICI</a> <a href="https://www.businessinsider.in/tech/apps/how-to/how-to-open-a-cryptocurrency-trading-account-in-india/articleshow/74490893.cms">How to open a cryptocurrency trading account in India</a>

How to withdraw cash from ATM without debit card

The Reserve Bank of India on Friday raised the retail <keyword id="854917" type="General" weightage="20" keywordseo="inflation-target" source="Orion">inflation target</keyword> for the current financial year to 5.7 per cent on the back of rising global prices amidst the ongoing geo-political tensions, even as it expected the prices of cereals and pulses to soften on prospects of good winter crop harvest. "Global food prices along with metal prices have hardened significantly. Economy is grappling with a sharp rise in inflation... Inflation is now projected at 5.7 per cent in 2022-23 with Q1 at 6.3 per cent; Q2 at 5 per cent; Q3 at 5.4 per cent and Q4 at 5.1 per cent," RBI Governor Shaktikanta Das said while unveiling the first monetary policy review for the current fiscal year. In its earlier policy review in February, the RBI had projected retail inflation to be at 4.5 per cent in 2022-23. The apex bank kept the benchmark interest rate -- repo, at which it lends short-term money to banks -- unchanged at 4 per cent. The Monetary Policy Committee (MPC) also decided unanimously to remain accommodative, while focussing on withdrawal of accommodation to ensure that inflation remains within the target going forward, while supporting growth. This is the 11th time in a row that the Monetary Policy Committee (MPC) headed by Das has maintained the status quo. "It may, however, be noted that given the economic volatility on global crude oil prices... the evolving geopolitical tensions, any projection of growth and inflation is fraught with risk," Das said. RBI, however, hoped that the likely good harvest from the rabi (winter) crop will keep prices of cereals and pulses under check. The Reserve Bank has been mandated to keep retail inflation at 4 per cent with a bias of 2 per cent on either side. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/science/health/news/one-in-three-women-have-no-knowledge-about-periods-before-their-first-menstruation/slidelist/90721792.cms">One in three women have no knowledge about periods before their first menstruation</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/you-will-soon-be-able-to-use-upi-for-cardless-cash-withdrawals-at-all-banks-and-atms/articleshow/90721884.cms">You will soon be able to use UPI for cardless cash withdrawals at all banks and ATMs</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/tech/enterprise/news/profit-margins-of-tcs-infosys-wipro-and-other-tech-companies-under-pressure-for-jan-mar-due-to-record-hiring-and-salary-hikes/articleshow/90719782.cms">Profit margins of IT companies must be under pressure for January-March quarter due to record hiring and salary hikes</a>

RBI ups inflation target for FY23 to 5.7% on rising global prices amidst geo-political tensions

Mumbai, Mar 7 () Fintech startup PayNearby, which has a tie-up with Yes Bank to offers cardless and pinless ATM services to customers, on Saturday said its systems are running without any disruptions.The statement comes in the wake of disruption of Unified Payment Interface (UPI) offered by fintech players after Yes Bank was put under moratorium by the RBI.The Reserve Bank of India has imposed a moratorium on the bank and restricted withdrawals to Rs 50,000 per depositor till April 3.Following the restriction, the net banking facility of the bank was affected and customers were not able to log in."At PayNearby, its business as usual. Our systems are up and running without any disruption. We are a strong technology backed fintech company and have multiple banking partners," the company said in a statement.The company said it has worked tirelessly to ensure that customers across the country get served without any disruption."Yes Bank has been a very valuable partner in our journey and we are confident that they will soon bounce back and we will be able to continue working together again," the statement said.PayNearby Bank, along with Yes Bank provide Aadhaar-enabled cardless and pinless ATM service by which customers can deposit or withdraw money at retailers' place.On Friday morning, PhonePe, another digital payment platforms, which depends on Yes Bank to process its transactions, said it had faced challenges in its operations but services were restored later.Paytm Payments Bank Ltd (PPBL) also restricted transaction settlements, including those done through UPI platform, into cash-strapped Yes Bank's accounts. HV MKJ

Yes Bank crisis: PayNearby says functioning 'without any disruption'

Mumbai, Jun 7 () Despite the lockdown, the largest private sector lender HDFC Bank has been able to add 2.5 lakh new customers in the last 40 days through an online facility which helps open savings accounts instantly, sources said. The account is created using a "limited know your customer (KYC)" requirement provision, and the customer has a year's time after the instant account opening to update full details, the sources told . The 'Instant Account App' was launched in late April, when there was strict lockdown across the country. Banks were classified as an "essential service" and allowed to be open, but the lockdown meant fewer customer footfalls, making the online alternative helpful to open new deposit accounts. "All the 2.5 lakh accounts which have been opened are new bank customers," a source said, adding that the minimum average monthly balance requirement is Rs 10,000 for metro cities, Rs 5,000 for semi urban centres and Rs 2,500 for rural centres. Most of the accounts which have been opened are from containment zones and red zones in metros and urban areas, the sources said, adding that semi-urban and rural areas have also seen activity. The account is opened using basic KYC details like Aadhaar card, a valid PAN (permanent account number) and one-time password via SMS, and gets activated instantly. A bulk of the transactions being witnessed with such accounts are online shopping and cardless cash withdrawals at automated teller machines (ATMs) which can be started using the app, they said. The bank marketed the instant account opening through social media, mails and Whatsapp messaging, they said, adding that word of mouth also helped. As per the RBI, individuals can opt for such an account with limited KYC, and the maximum balance in such accounts has been capped at Rs 1 lakh, according to reports. AA RVK

HDFC Bank nets 2.5 lakh new customers through instant account opening in lockdown

<ul class="summary-list"><li>This is an excerpt from a story delivered exclusively to Business Insider Intelligence Banking subscribers. </li><li>To receive the full story plus other insights each morning, <a href="https://www.businessinsider.com/intelligence?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=top_text&amp;itm_term=bundle_subscription_text_link-bank-of-america-digital-debit-card-could-attract-customers-2019-6">click here</a>.</li></ul>Bank of America (BofA) is <a href="https://e.businessinsider.com/click/17325682.2/aHR0cHM6Ly9uZXdzcm9vbS5iYW5rb2ZhbWVyaWNhLmNvbS9wcmVzcy1yZWxlYXNlcy9jb25zdW1lci1iYW5raW5nL2JhbmstYW1lcmljYS1pbnRyb2R1Y2VzLWRpZ2l0YWwtZGViaXQtY2FyZA/5adde55340f86675182a51c9Bc34f087b" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://e.businessinsider.com/click/17325682.2/aHR0cHM6Ly9uZXdzcm9vbS5iYW5rb2ZhbWVyaWNhLmNvbS9wcmVzcy1yZWxlYXNlcy9jb25zdW1lci1iYW5raW5nL2JhbmstYW1lcmljYS1pbnRyb2R1Y2VzLWRpZ2l0YWwtZGViaXQtY2FyZA/5adde55340f86675182a51c9Bc34f087b&amp;source=gmail&amp;ust=1561726174662000&amp;usg=AFQjCNGzTohvC2gI2Ls9PjTvHIH1j0Nqfw">introducing</a> a digital debit card feature in its mobile banking app that can be used for in-store, in-app, and online payments with credentials from the app, through a mobile wallet like Apple Pay or Google Pay.<div class="KonaFilter image-container display-table float_right no-rightrail"><div><div class="image"></div></div></div>If customers are waiting for their debit card to arrive in the mail - due to fraud or opening a new account, for instance - they can access a virtual card immediately through their mobile banking app.In addition to shopping, the digital card can be used to make deposits or withdrawals at BofA's cardless ATMs - the bank counts more than <a href="https://e.businessinsider.com/click/17325682.2/aHR0cHM6Ly93d3cuYXRtbWFya2V0cGxhY2UuY29tL25ld3MvYm9mYS1hbm5vdW5jZXMtYWRkaXRpb24tb2YtZW5oYW5jZWQtYXRtcy1leHBhbnNpb24tb2YtYnJhbmNoLW5ldHdvcmsv/5adde55340f86675182a51c9B5ba7656c" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://e.businessinsider.com/click/17325682.2/aHR0cHM6Ly93d3cuYXRtbWFya2V0cGxhY2UuY29tL25ld3MvYm9mYS1hbm5vdW5jZXMtYWRkaXRpb24tb2YtZW5oYW5jZWQtYXRtcy1leHBhbnNpb24tb2YtYnJhbmNoLW5ldHdvcmsv/5adde55340f86675182a51c9B5ba7656c&amp;source=gmail&amp;ust=1561726174662000&amp;usg=AFQjCNHh3JN_x8B40I4ItbYHyE8jVitRXA">16,000</a> enhanced ATMs and that number is growing.Offering customers digital tools around debit cards could give BofA - and banks that follow in its footsteps - an edge in customer acquisition.<ul><li>Advanced mobile banking features are an important driver of bank selection. In fact, <a href="https://e.businessinsider.com/click/17325682.2/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L3RoZS1tb2JpbGUtYmFua2luZy1jb21wZXRpdGl2ZS1lZGdlLXJlcG9ydC1ob3ctdGhlLWxhcmdlc3QtdXMtZmluYW5jaWFsLWluc3RpdHV0aW9ucy1yYW5rLW9uLW9mZmVyaW5nLXRoZS1tb2JpbGUtYmFua2luZy1mZWF0dXJlcy1jdXN0b21lcnMtdmFsdWUtbW9zdC0yMDE4LTEx/5adde55340f86675182a51c9B7c3f6629" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://e.businessinsider.com/click/17325682.2/aHR0cHM6Ly9pbnRlbGxpZ2VuY2UuYnVzaW5lc3NpbnNpZGVyLmNvbS9wb3N0L3RoZS1tb2JpbGUtYmFua2luZy1jb21wZXRpdGl2ZS1lZGdlLXJlcG9ydC1ob3ctdGhlLWxhcmdlc3QtdXMtZmluYW5jaWFsLWluc3RpdHV0aW9ucy1yYW5rLW9uLW9mZmVyaW5nLXRoZS1tb2JpbGUtYmFua2luZy1mZWF0dXJlcy1jdXN0b21lcnMtdmFsdWUtbW9zdC0yMDE4LTEx/5adde55340f86675182a51c9B7c3f6629&amp;source=gmail&amp;ust=1561726174662000&amp;usg=AFQjCNFqkJNXxX-8fbFYpIYpXcE9tRWing">61%</a> of mobile banking users who responded to Business Insider Intelligence's Mobile Banking Competitive Edge Study (Enterprise only) said they researched a bank's mobile capabilities before opening an account. </li><li>Customers crave security- and access-related features to manage their cards in mobile banking. Of the 33 mobile banking features included in our study, respondents' three most desired features revolved around ensuring card access and security: the ability to turn a card on or off, the ability to set a travel alert, and the ability to file a card transaction dispute. Demand for these related features is likely to carry over into BofA's solution.</li><li>Cardless ATM access - a component of BofA's upgrade - is a highly in-demand mobile feature that few banks offer. Fifty-nine percent of respondents to the Mobile Banking Competitive Edge Study called the feature, which is an important component of BofA's upgrade, "very" or "extremely" valuable. Still, only nine of the top 20 largest US banks offered it. The gap between consumer demand and bank supply makes the feature a differentiator for BofA.</li></ul>Other top banks - Wells Fargo and Capital One - have doubled down on features that streamline commerce in mobile banking. Wells Fargo offers card-free ATM <a href="https://e.businessinsider.com/click/17325682.2/aHR0cHM6Ly93d3cud2VsbHNmYXJnby5jb20vbW9iaWxlL2NhcmQtZnJlZS1hY2Nlc3Mv/5adde55340f86675182a51c9B699980c9" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://e.businessinsider.com/click/17325682.2/aHR0cHM6Ly93d3cud2VsbHNmYXJnby5jb20vbW9iaWxlL2NhcmQtZnJlZS1hY2Nlc3Mv/5adde55340f86675182a51c9B699980c9&amp;source=gmail&amp;ust=1561726174662000&amp;usg=AFQjCNG0-edefLIqNeClE5GkidovgRoGVA">access</a> as well as Control Tower - a set of digital money management features that allow customers to switch cards on and off, view recurring payments, and monitor data sharing, among other card control features. For added security, Control Tower also assigns individual digital card numbers to cards in mobile wallets.Meanwhile, Capital One <a href="https://e.businessinsider.com/click/17325682.2/aHR0cHM6Ly93d3cuY2FwaXRhbG9uZS5jb20vdGVjaC9zb2x1dGlvbnMvdmlydHVhbC1jYXJkLW51bWJlcnM/5adde55340f86675182a51c9Bad1f5da4" target="_blank" rel="noopener" data-saferedirecturl="https://www.google.com/url?q=https://e.businessinsider.com/click/17325682.2/aHR0cHM6Ly93d3cuY2FwaXRhbG9uZS5jb20vdGVjaC9zb2x1dGlvbnMvdmlydHVhbC1jYXJkLW51bWJlcnM/5adde55340f86675182a51c9Bad1f5da4&amp;source=gmail&amp;ust=1561726174662000&amp;usg=AFQjCNGrHlmAxArfp2nMHcfZ7h7PlxNHYQ">offers</a> a Virtual Card Numbers API feature, which allows customers to create virtual credit cards to bolster security while shopping online and reduce friction around card reissuance.Through the end of the year, we expect a small handful of the top 30 US large banks to follow in the footsteps of Bank of America, Wells Fargo, and Capital One and roll out advanced features that ensure secure and streamlined access to cards through mobile banking.Interested in getting the full story? Subscribe to a Premium pass to Business Insider Intelligence and gain immediate access to the Banking Briefing, plus more than 250 other expertly researched reports. As an added bonus, you'll also gain access to all future reports and daily newsletters to ensure you stay ahead of the curve and benefit personally and professionally. &gt;&gt; <a href="https://www.businessinsider.com/intelligence?IR=T&amp;itm_source=businessinsider&amp;itm_medium=content_marketing&amp;itm_campaign=briefing_post&amp;itm_content=learn_more_text&amp;itm_term=bundle_subscription_text_link-bank-of-america-digital-debit-card-could-attract-customers-2019-6">Learn More Now</a><a href="https://www.businessinsider.com/intelligence/future-of-fintech?IR=T&amp;itm_source=businessinsider&amp;itm_medium=ctgr_bii&amp;itm_term=ctgr_leadgen&amp;itm_content=finance&amp;itm_campaign=future-of-fintech"></a>

The new Bank of America digital debit card could attract customers

JPMorgan ChaseChase's tablet-inspired eATMs at the company's World Trade Center location.Retail bank branches <a href="http://www.businessinsider.com/kbw-on-physical-bank-branches-2017-4?r=UK&amp;IR=T">remain stubbornly relevant</a>, despite an onslaught of digital and tech innovations.<a href="http://www.businessinsider.com/kbw-on-physical-bank-branches-2017-4?r=UK&amp;IR=T"> </a>But bank tellers' days in those branches could be numbered.The country's largest banks have been investing millions in updating the capabilities and physical appearances of their thousands of ATMs - an invention that <a href="http://www.smithsonianmag.com/history/atm-dead-long-live-atm-180953838/">turns 50 years old this month</a>.As those capabilities continue to grow, customers at retail branches will spend more time interacting with machines for their day-to-day needs, while branch personnel will move from behind the counter and focus more on complex transactions, like coordinating loans for homes or small businesses. By 2018, a new wave of ATMs - with larger, digitally enabled screens akin to tablets - will start to become the norm, offering almost all of the services human tellers now provide, as well as new capabilities like setting up cash withdrawals on your phone that you can seamlessly complete at a nearby ATM.Already banks <a href="http://www.marketwatch.com/story/what-the-atm-of-the-future-will-look-like-2016-02-04">have outfitted ATMs</a> with more flexible denominations - $1, $5, and $10 bills instead of solely the $20 bill - and debuting cardless transactions, wherein customers can log-in more securely just with their phone.JPMorgan Chase, which boasts a network of more than 16,300 ATMs and 5,300 branches across the country, saw its teller transactions decline 25% between 2014 and 2016. Customers used ATMs for 90% of withdrawals and 60% of deposits, though they still exclusively cashed checks with tellers.Teller transactions will continue to wane, as check cashing and most other services that require face-to-face contact will soon be available via ATM, said Ryan Crowley, head of branch systems and innovations for Chase. About 60% of the transactions performed by tellers can be executed via ATM today, but by 2018 it'll be up to 90%, As part of the evolution of their branches, the bank is phasing out the hulking, refrigerator-sized machines in favor of a compact design with a digital-friendly interface that's more compatible with the website and mobile app experience. Chase now has 45 million active digital users, many of which also uses branches. "[Customers] want it to be simple, they want it to be convenient. They want to have the same features and same consistent experience regardless of the channel they're interacting with us in," Crowley said.Chase has already deployed 5,000 "eATMs," which first debuted in 2012 and feature tablet-like screens and cardless access, in branches across the country. The company is also testing a "micro-ATM," which is similar to the eATM in functionality but is smaller yet. It hasn't been released in retail branches yet. Bank of AmericaBank of America is debuting a new ATM with a 32-inch, tablet-like monitor.At Bank of America, both teller and ATM transactions are declining as mobile banking spreads, though teller interactions are falling more rapidly, according to Charles Liu, who runs branch and ATM innovation for the firm and is leading <a href="https://www.americanbanker.com/news/b-of-a-gives-itself-five-years-to-save-branch-banking">an overhaul of its entire retail presence</a>. Bank of America, which has a network of 4,600 branches and 15,900 ATMs, is starting to deploy a new-wave ATM of its own that it's calling an "XTM," or "Extreme ATM."What makes it extreme? Besides the teller-killing advancements on the software side, the most distinguishing feature is a 32-inch, portrait-style monitor - nearly double the size of traditional ATM screens - that, like Chase's, will mimic a tablet-like digital experience.How much an extremely large monitor will benefit the customer is unclear. Only the bottom third of the screen will hold users' personal information, for security purposes. The rest will display advertisements, targeted offers (travel credit cards, for instance), video tutorials (so people can learn how to deposit their checks with the mobile app), and a live video feed in a box in the corner showing what's going on directly behind you (also for security purposes).Bank of America will have 100 of its "XTMs" up and running this year, with 1,000 more set to roll out over the next couple years, according to Liu.Another new feature that both companies are working on is letting customers "pre-stage" ATM transactions. This would enable customers to start a cash withdrawal from their smartphone and then head to any of the bank's ATMs over the next 24 hours to collect the cash. Bank of America has been testing the feature out on employees and plans to roll out it to the public in August. Chase said it was still testing the feature and hasn't announced a release date yet. The bank branch isn't going anywhere just yet. But your friendly neighborhood teller might be replaced by sleek, digitally connected ATM in the not-too-distant future. Get the latest Bank of America stock price<a href="http://markets.businessinsider.com/stock/BAC-Quote"> here.</a> <h3>NOW WATCH: <a href="http://www.businessinsider.com/economist-explains-concerns-if-trump-pulls-out-of-the-paris-accord-climate-change-oxford-economics-gregory-daco-2017-6">Economist: Climate change won't be the only major concern if Trump pulls out of the Paris Accord</a></h3> Please enable Javascript to watch this video

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