Will ATM machines soon be able to identify you by your eyes?
Citigroup Inc. C, -1.56% is testing new technology with automated-teller-machine maker Diebold Inc. DBD, +0.92% that would allow customers to withdraw money with an eyeball scan or a code on a smartphone instead of a card swipe.
The new technology, set to be announced by Diebold on Monday, is the latest foray by big banks to find easier, more secure ways for consumers to access their cash than the ATM card, a staple in consumers’ wallets for decades.
Citigroup may decide not to retool its machines with this new wrinkle, and any mass rollout may be years away. Other big banks including J.P. Morgan Chase & Co. JPM, -0.61% and Bank of America Corp. BAC, -0.61% , recently started internally testing their own cardless ATM technologies.
Citigroup’s experiment involves a new kind of cash machine that lacks a screen or touchpad. Instead, customers would first check the bank’s mobile app on their smartphone or tablet ahead of time to sign in and select how much money they want to withdraw. Then, they would approach the machine, which would quickly scan their iris to verify their identity. The machine, which connects to the mobile app, would spit out the right amount of cash.