You might soon be typing numbers into your smartphone to withdraw cash instead of into an ATM.
That's the idea behind the "cardless ATM," a new service unveiled this week at the Money2020 conference in Las Vegas. Start by downloading an app on your mobile phone. Open the app when you visit the ATM, enter a PIN and use your phone to scan a code on the ATM machine. The app will allow you to select the amount of money you want to withdraw and the ATM will distribute the cash.
Three banks have announced plans to launch the service across most of their ATMs by the end of next year, including Los Angeles-based City National bank.
It's one of many examples of how technology is changing commerce and personal finance. There's also the virtual teller, which will allow you to interact with a bank teller through a video conference at the ATM. If you lose or forget your ATM card, just show your driver's license to the teller through the video conference to prove your identity. Virtual tellers also can scan both sides of a check to make sure it has been endorsed.
Also in the works: a service that allows customers to pay restaurants bills by scanning a code with their smartphones, and ways for motorists to use their smartphones to interact with gas pumps.