What may be even more notable than last months unveiling of the iPhone 6 – Apple Pay was formally introduced to the world.  Apple Pay uses a Touch ID fingerprint sensor and a near field communication (NFC) chip that will allow contactless transactions at a point of sale device. Apple pay is a digital wallet feature that is expected to be part of iOS8.1, set to debut on October 20th, bringing Apple Pay to iPhone 6 and iPhone 6 plus owners.

According to CEO Tim Cook, 500 banks and many of the largest retailers in the world have agreed to support the Apple Pay digital payment system. Cook said the new iPhones, which hit the market Sept. 19, were the fastest-selling in Apple’s history. “It’s been an incredible year and tremendously busy already,” he said. “This is the strongest lineup of products Apple has ever had.”

NFC has been around for more than a decade. Until now it has had lackluster success among gas retailers such as Exxon Mobile Speed Pass. NFC has also been included in most Android devices for the past few years but has failed to be adopted as a POS payment method. Over the past decade Apple has revolutionized the way we think of laptops, they have introduced the tablet as well as coined the phrase “smart phone”. Now the stage is set for the next big revolution.

Apple Pay ATMs: What will the future bring?

While the impact of Apple Pay vs. cash is still unclear. Currently NFC ATMs exist in Europe as well as Korea where EMV as well as NFC is accepted. Due to the looming deadline for EMV in the US, we expect this technology to implemented at the same time as EMV or shortly after.

For the past several months Chase has begun to deploy a Self Service Banking Kiosks manufactured by Nautilus Hyosung in select branches throughout New York City. Hyosung is currently the worlds second largest manufacturer of ATMs, and provides ATMs to some of the worlds largest Banks: Citibank, Bank of America, NYCB, Fifth Third Bank to name a few. Hyosung currently has NFC technology deployed outside the US, and has for quite some time. Although a path to upgrade existing ATMs or even offer NFC as an option to retail ATMs is still unknown – the message is clear. The manufacturers have this technology, it works outside the US- when their is sufficient market demand, it will become a mainstay in the US as well.

What will this Mean for ATM Deployer’s?

Opportunity.  With the nations obsession with smartphones, NFC is not going away anytime soon. Rather than viewing NFC only as a threat to cash, it should be seen as an opportunity. NFC is another channel to deliver services to potential customers. ATM Marketplace said it best “There is no doubting that Apple Pay will increase awareness of other payment methods competing with cash, but it won’t change the underlying value of what cash provides, choice.”