iPhone Touch ID ATM withdrawal coming to 70,000 locations

ATMs are about to become a lot more convenient for iPhone users with Touch ID on their device. FIS and Payment Alliance International, two companies in the ATM market, have announced a partnership that will allow Apple's Touch ID to be used to make cardless withdrawals at over 70,000 ATM locations across the US, including gas stations, stores, restaurants, and shopping malls.

The system will work with a QR Code app from FIS, which uses an iPhone's Touch ID sensor for authentication. From there, the app generates a unique code that the ATM machine can read, and then processes the user's transaction. Afterwards, a digital receipt is instantly sent to the phone.

FIS says its solution will make withdrawals more secure not only by eliminating the need for a plastic card, but also by reducing the risk of card skimmers and "shoulder surfing" from people standing behind a user. Plus, Touch ID-based transactions should take no more than 10 seconds to complete.

It's worth noting that as Payment Alliance International is one of the largest operators of private ATMs, meaning independent machines that aren't owned by banks. That makes this system slightly different from the one being rolled out by banks like Bank of America and Wells Fargo, which allow iPhone users to withdraw cash via Apple Pay.

The previously mentioned banks say they will have Apple Pay-enabled withdrawals available a large number of their ATMs before the end of this year, but it seems like FIS Payment Alliance International's technology will only start rolling out later this summer, meaning it could be quite some time before Touch ID withdrawals come to all 70,000 locations.