Taking money out of the ATM doesn’t take a whole lot of time, but it’s once you start adding up all those seconds that you realize a little improvement can go a long way. Three banks in the US are testing a new application called Cardless Cash Access (CCS) that would grant you your paper bills with a simple swipe of your phone. The way it works is that you launch the app up to 24 hours in advance and specify how much cash you want. It’ll generate a QR code which you then just need to present at the machine to unlock the goods, without having to go through the usual steps of getting cash. A transaction with CCS takes about 9 seconds, compared to 30 to 40 for a card withdrawal. And it’s presumably reasonably safe, even if someone steals your phone, because the thief would have to go through several security layers before being able to generate a one time use QR code (such as your phone’s lock code, the application’s password and PIN number). It even eliminates the danger from card skimmers. The three banks in question are Wintrust (IL), BMO (Chicago), and City National (Los Angeles). If this catches on, maybe it’ll spread from there.
