Major U.S. banks aim at killing ATM cards

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Apple Pay could take on PayPal next.
Your iPhone may be holding even more cards in its Wallet this year.
Photo: Jim Merithew/Cult of Mac

One day, your iPhone or Apple Watch could actually start dispensing money.

It’ll be your own money coming out of an ATM, but it’s still cool.

Officials at Bank of America and Wells Fargo have dropped hints that they have their eyes on incorporating Apple Pay into near-field-communication-equipped teller machines. Neither company is prepared to say when or how widely this will happen, but considering they’re two of the largest banks in the United States, this could be a big deal.

Wells Fargo will pay you to try Apple Pay

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Photo: Wells Fargo
Photo: Wells Fargo

Banks and credit card companies have been heavily pushing Apple Pay already, but perhaps the biggest gesture of support so far is from Wells Fargo.

In a promotion announced today, Wells Fargo said that it will pay customers up to $20 just for trying Apple Pay.

Apple Share Prices Fall After Wells Fargo Downgrades Its Rating [Report]

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Apple suppliers are enjoying huge revenue boosts thanks to the iPhone 6
Apple suppliers are enjoying huge revenue boosts thanks to the iPhone 6

Apple’s shares closed at 1.4 percent lower for Tuesday’s trading — ending the day at $553.13.

The reason in a nutshell: that Wells Fargo changed its rating for Apple from “outperform” to “market perform”. While this downgrade wasn’t accompanied by a change in valuation (which remains in the $536 to $581 range) the rating essentially shifts recommendation away from “buy” to “neutral” (which actually means “sell”).