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In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. Friedrich Nietzsche


Wells Fargo Allows Android Pay and Apple Pay Withdrawal at ATMs

Apple Pay and Android Pay users should be able those apps to withdraw cash at 5,000 Wells Fargo (NYSE: WFC) automatic teller machines (ATMs) in the United States.

The banking giant has plans to modify 13,000 ATMs to accept near field communications (NFC) apps such as Apple Pay, Samsung Pay, Android Pay and Microsoft Wallet, TechCrunch reported. Around 5,000 ATMs can already accept NFC signals and they have been programmed to accepted Apple Pay, Android Pay and Samsung Pay.

This means users of those apps will be able to make cash withdrawals or deposit checks at the machines with just their phone or smartwatch and a pin. Users will put the phone on the NFC sticker and type in the pin to withdraw the cash. They will also have to confirm the transaction with their fingerprints.

This makes Wells Fargo the first big national bank to accept Apple Pay at ATMs. The nation’s largest bank JPMorgan Chase (NYSE: JPM) is deploying its own App Chase Pay which uses a different technology. Chase Pay relies on a camera to read an optical code rather than sending a wireless signal to the ATM. Bank of America (NYSE: BAC) is also experimenting with ATMs that accept NFC but it has not started deploying them yet.

Providing ATM access solves one of the biggest dilemmas facing payment App users where to get cash for things like tips and garage sales. Wells Fargo is trying to lure customers and solve that problem.

Australian Government Blocks Banks’ Access to Apple Pay Technology

The Australian Competition and Consumer Commission (ACCC) blocked an effort to clone Apple Pay by four of that nation’s largest banks.

Bendigo and Adelaide Bank Limited, Commonwealth Bank of Australia, National Australia Bank Limited and Westpac Banking Corporation wanted access to the NFC controller in iPhones and Apple Watches, an ACCC summary indicates. The banks wanted to access the controller so they could create their own digital wallet to compete with Apple Pay.

A branch of Bendigo bank in Melbourne, Monday, Aug. 20, 2012. Bendigo bank have just released their 1st half year profits. (AAP image/David Crosling) NO ARCHIVING


The four banks also wanted to force Apple to distribute the digital wallet through the App store. The ACCC rejected the application because the four banks already control nearly two thirds of Australia’s consumer credit card market, The Register reported. Although the Commission did note that a bank owned digital wallet would increase competition in Fintech.

The ACCC ruling is a victory for Apple, Samsung and Alphabet (Android’s owner) because it will force the banks to do business with them. It looks as if banks are going to have to accept app payment if they want to survive and retain customers.