Citigroup Inc. is testing new technology that would allow customers to withdraw money with an eyeball scan or a code on a smartphone instead of a card swipe.
Citigroup is working with Diebold on the technology in Irving ATMs, which are significantly smaller than traditional ATMs, reported the Chicago Tribune. Diebold suggests the Irving terminal is more secure than traditional ATMs. It lacks a card reader, which thieves can "skim" for credit card data; it doesn’t require PIN entry, which simplifies the withdrawal process; and it doesn’t display transaction information on a screen, which could be monitored by others, the Tribune reported. It can complete cash withdrawals in less than 10 seconds.