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Pros and Cons of Cardless ATM Withdrawal

This article discusses the pros and cons of cardless atm withdrawal.


Every day, technology simplifies our lives. New advancements in lifestyle technology have impacted how we reply to emails and messages, pay for our groceries, and even withdraw cash.

Cash transactions are, without a doubt, on the slide in the digital era. So having quick and easy access to cash may not be on your mind all of the time. It’s wonderful to have, though, when you need it.

If you forget your debit card or want to decrease the number of times you tap a screen in the middle of a crisis, cardless ATMs, which enable you to transact ATM business on your smartphone’s bank app, are a handy and tech-savvy method to withdraw money from your bank account.

Cardless ATMs are the most recent fintech innovation to infiltrate our lives, allowing you to withdraw cash without using your real debit card. People appear to be embracing this technology in general, with 54 percent saying that they have tried or would be curious to try cardless ATMs.

Naturally, there will be some skepticism, especially when it comes to security, as with every new technical advancement. You want to make sure that sensitive data, such as your account number, is protected from theft or fraud. The good news is that there are more security considerations than doubters may know when using a cardless ATM.

How Do Cardless ATM Withdrawal Work?

Cardless ATMs allow you to access your account and withdraw money without having to use a real card. Instead of using a card, cardless ATMs use account verification through text message or a smartphone banking app.

Cardless ATMs work in a number of different ways. Quick response (QR) codes and near-field communication are the two major forms of cardless technologies (NFC).

NFC (Near-Field Communication)

NFC, or near-field communication, is used by several services, such as Apple Pay. To utilize NFC at a cardless ATM, launch the app on your smartphone, choose the associated bank account you’d like to withdraw from, then tap your phone against the specified reader. The ATM will next ask you to enter your PIN or swipe your card to complete the transaction (just as if you had inserted your physical card).

QR Codes

To withdraw cash from a cardless ATM with a QR code, you must first activate the mobile withdrawal feature in your banking app. Before dispensing money, the ATM will display a QR code on the screen. Scan the QR code with your phone to receive the cash.

Cardless ATM withdrawal is possible with a QR code.
Cardless ATM withdrawal is possible with a QR code.

Pros of Cardless ATM Withdrawal

1. It is simple.

Drew Cheneler, CEO of Simple Money Lyfe, says, “Our phone is slowly becoming our wallet.” He mentions that some users don’t remember their account details and instead rely on face recognition or fingerprint scanning to gain access to their accounts. You can do the same with some cardless ATM software.

2. You will have access to all of your accounts.

If you have accounts at several banks, you most likely have one that you use the most. You might not even carry the other bank cards with you all the time, especially if you’re on business or vacation and attempting to travel light. Cardless ATMs provide you with access to all of your accounts. This is especially useful if you aren’t close to an in-network ATM for one account but are for another, because out-of-network ATMs sometimes charge higher fees.

As a result, the ease of cardless ATMs may save you money. Having access to all of your accounts might save you a lot of money on ATM fees by allowing you to pick an account with close in-network ATMs.

3. There is no need to keep a card with you at all times.

Carrying a wallet, handbag, or other item to keep your actual cards is not always easy. If you’re going for a jog or a walk around the neighborhood, all you need to do is bring your smartphone. If you need money on your trip home, cardless ATMs are available.

4. It is safe and secure.

While cardless ATM withdrawals are not risk-free, a few factors make them more safe. To begin, because you do not place your card into the ATM machine, criminals cannot use skimmers to steal your card data. Because the codes are only valid for a single usage, stealing them is pointless. Cardless transactions frequently need two-factor verification. Hackers would need not just your PIN, but also your phone and the ability to access it. Not carrying your wallet all the time minimizes your chances of getting pickpocketed or robbed.

5. It is clean, health-wise.

While cardless ATM withdrawals may not completely eliminate the need to touch the machine, they do reduce it. And the fewer touches, the better, given how many individuals may come into contact with an ATM between cleanings, especially during the present COVID-19 outbreak.

Cardless ATM withdrawal require fewer touches on the screen and the keypad.
Cardless ATM withdrawal requires fewer touches on the screen and the keypad.

Cons of Cardless ATM Withdrawal

1. There are limited cardless ATMs available.

There aren’t any cardless ATMs anywhere. Even if your bank offers the service and your device is compatible, you’ll still need an ATM that can process cardless withdrawals. Depending on the availability around you, this may limit you.

2. There are few compatible devices available.

Smartphones are required to run cardless ATMs. If your bank has an app, your device must be compatible with it or you will be unable to use it.

3. Phones are at risk of being targets of hacking.

Even if cardless ATM transactions are typically safer, they still introduce new risks.

“Since bank cards are being replaced by phones, criminals will now be more enticed to target and hack your phone to mine your data, information, and even change your phone and bank app settings,” says Ricardo Pina, founder of The Modest Wallet. As a result, if you have banking applications loaded on your phone, keep it safe.

Cardless ATM Access is Available on Several Popular Accounts

Apple Pay, Google Pay, and Samsung Pay are supported by Chase, Bank of America, and Wells Fargo. These banks’ cardless ATM applications are compatible with both Apple and Android phones since they function on each of these three services.

  • Chase: With consumer debit cards (excluding CPC Privileges cards), Chase Liquid cards, and business debit cards (excluding Business Associate cards) Chase enables cardless ATM access.
  • Wells Fargo: Digital wallets can be connected to EasyPay and Wells Fargo Debit cards to be used at cardless ATMs.
  • Bank of America: U.S. Trust, Consumer, and small-business debit cards are all suitable for cardless ATM use.


While it’s reasonable to be concerned about the security of any latest technological advances, cardless ATMs provide a safe option to withdraw cash while you’re on the road or without your debit card. Cardless ATMs are a simple, safe, and clean method to withdraw cash without a card, plus they may come in useful in a need even if you don’t use them often.

Pained by financial indecision? Want to invest with Adam?

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Adam is an internationally recognised author on financial matters, with over 735.2 million answer views on Quora.com, a widely sold book on Amazon, and a contributor on Forbes.


Cardless ATM Withdrawal

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