Cardless and PIN-less ATMs are here

We are witnessing the future of payment processing in India. Just after the new year YES BANK in India announced that it was rolling out a card-less and PIN-less ATM service. An app would be installed on a smartphone and linked to the bank account. At the customer’s request their information will be forwarded to the National Payments Corporation of India and they will be assigned a number to link their bank account.

That part we have seen already here in the United States to some degree with a number and a smartphone app. In India though they have taken the next step and will use biometrics and have the customers fingerprint on file. No need to bring a smartphone or card. Now you just need your fingerprint!

India is a huge nation both in size and population and YES BANK plans on rolling out around 40,000 devices that are being called touchpoints. They have pledged to bring this service to even the remotest parts of the nation and are partnering with the government to spread the word. This could be a godsend for many Indians who are given a government subsidy but have no idea that they even have it much less have the ability to access it. YES BANK itself is an ideal company to do this as they have locations in every state and territory in India.

This is probably the next step in payment processing. There will no longer be a need to carry a wallet around and there may be no need to even carry a smartphone. In a nation like India where there is both old world and new world this technology makes perfect sense. Biometrics will make it all possible and if it can work in India in some of the poorest and remotest locations on the planet it can work in the United States and the first world as well. It could wind up replacing the credit card and take credit card processing to a whole new level. We will see.