At its innovation lab in New York, Citi is currently testing an ATM that has no screen, no keypad or even a card reader.
What it does have (presumably) is banknotes, because Diebold is presenting this piece of technology as the future of the consumer banking experience.
Diebold says this bare-looking terminal dispenses cash with no card required, streamlines processes and shaves time off of transactions.
The reason the machine is so simple is because it turns the user’s smartphone into the access point. The transactions are scheduled using the screen on the consumer’s mobile device.
By connecting a consumer’s smartphone to the ATM, Diebold says this in itself will authenticate the transaction thereby reducing fraud and crime. It also states that cash withdrawals will be completed in under ten seconds.
There is also – naturally – the consumer-recognition technology: Consumers are identified through near field communication (NFC) as they walk up to the concept, and are delivered instant access to cash through contactless, mobile-banking methods such as quick response (QR) codes, NFC and iris-scan biometric technology.
By stripping away the keypad, screen and card reader, Diebold says its machine’s depth is reduced by as much as 32 per cent, and on the consumer-facing side, it is up to 37 per cent narrower, when compared to other standard ATMs in the market.
“While digital channels continue to evolve, cash will continue to have a role in consumer transactions. That’s where Diebold comes into play— to bridge the digital and physical worlds of cash in unprecedented ways. Our latest concepts embody a new era of banking and put the user experience at the top of the pyramid to connect consumers with their money when and how they see fit,” said Frank Natoli, Diebold executive vice president, self-service technology.
Amazon have recently launched their new in-store innovation service, Amazon Go.
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Payment terminals have stayed the same over the last 10 years, with steady advances in contactless and mobile wallet transactions. Retailers and brands are making a conscious effort to get closer to consumers.