JPMorgan Chase is planning to soon unveil the new generation of Automated Bank Machines or ATMs -- machines that will only allow withdrawals when they are requested through a smartphone app.
These bank machines don't need to be used with plastic cards; apps will be used to access bills of $1, $5, $20 and $100 up to a limit of $3,000. The machines have so far been tested in a few states including Washington, but thousands more machines are set to be introduced later in the year.
There has lately been a lot of innovation in the world of payment apps, with the likes of Square and Venmo only a couple of offerings. That being the case, it only makes sense that JPMorgan Chase introduce a high-tech bank machine that works through smartphone apps so that they don't get left behind.