While EMV microchips are changing the way we use our debit cards to make purchases, there might be another alternative that could eventually do away with those essential little rectangles of plastic: smartphone apps. Chase Bank announced on Jan. 27 that its customers will be able to deposit or withdraw funds, as well as complete other normal transactions, at ATMs with only their mobile banking app. The machine upgrades are scheduled for later in 2016.

According to Chase spokesperson Michael Fusco, the intended changes come with another perk: withdrawal limits will be extended from the usual $500 range to up to $3,000 during operating branch hours. 

Fusco also explained exactly how the cash machines - and the accompanying Chase app - would work in an interview with the Associated Press: the banking company's mobile app will feature an individual code for each user, which they would then input into the ATM, connecting the machine to the account to initiate transactions.

It looks like the option is just the first step to doing away with the middle man (or rather, card): Chase plans on expanding these services in the future to something along the line that resembles Apple Pay or Android Pay, letting customers connect to a Chase ATM with near-field wireless communication to initiate checkouts in stores.

And machines, too, will see some additional refurbishing over the next couple of years, opening up more ATM transaction options that are now usually only available to do through bank tellers, on a desktop or laptop, or with a card, such as making mortage payments or cashing checks.

But no worries if you want to keep it old school. Even if the cardless option is available to you, you'll still be able to conduct business as normal with your debit card.

Source: Associated Press

Photo: Dan DeLuca | Flickr