Cell Phones in Japan Replacing ATM Cards?
The Yomiuri Shimbun is reporting that the Sumitomo Mitsui Banking Corp. is introducing a service this fall that will allow its customers in Japan to deposit or withdraw money at their ATM machines via their cell phones. This will be the first service of this type offered by a major bank.
The service is used by holding a cell phone equipped with a special chip close to the ATM. Sounds like this will be very similar to the SpeedPass system that Exxon uses in the US. Though, the ATM system will still require a password.
The Yomiuri Shimbun goes on to report that the Sumitomo Mitsui Banking Corp. thinks information on phones will be less likely to get stolen, therefore making them a safer alternative to standard IC card.
Personally, I fail to see the logic in that assertion. I have never lost my ATM card, but have misplaced my cell phone before. Plus, it seems with cell phones commonly carried in a hip holder they would be much easier pickings for a thief than my ATM card in my wallet, in my pocket.
We have all heard recent stories of cell phones being hacked and information stolen from phones sold. Sounds like this type of ATM service changes one set of problems for another.
