ATM & Mobile 101
The mobile phone has evolved from a tool used primarily for voice communications into a rich channel for data exchange and consumer interaction. The convergence of mobile communications with self-service means that mobile devices are becoming ATM access devices, able to offer many of the display and keyboard functions currently available on ATMs.
This report examines the various methods used for mobile cash access: QR codes generated by a mobile banking wallet; NFC-based contactless transactions that use card data stored in a smartphone-linked mobile wallet; and onetime PINs generated by a mobile app. It also looks at the security issues associated with cardless cash access.