NFC and Smart Phone can significantly reduce the cost of ATM
by removing half of devices. The app in the smart phone can do the
authentication with no need of an EPP Device, card reader, biometric, retina. Since
most of the application part will be on the Smart Phone the need a high end
operating system like windows will not be need and thin processor to support android
based applications can be used.
PrivatBank in Ukraine has already implemented a
similar system (headless ATM) eliminating the need of PIN Pad, Screen and other
user interface
The ATM works in conjunction with the Bank Android app which
links the customer account and does the major authentication of the customer
and also basic validation of fund availability which reduces the requirement for
having central EFT Switch or device driving application. This will also help in
reducing PIN based frauds or ATM frauds to a large extend.
