New ATM does away with using cards

An ATM that can identify users just by scanning their eyes may not be long in coming.

Diebold, a company that designs and markets ATMs, has joined hands with Citigroup to test a new high-tech, mobile-friendly machine to allow customers junk the current ATMs, which required them to carry around a plastic card.

Diebold would introduce the "Irving model" this week at Money20/20, a financial services trade show in Las Vegas.

The machine is under testing by Citigroup in New York.

"This is part of the growing awareness of biometrics and biotechnology in daily life," Richard Harris, Diebold's vice president of new technology, incubation, and design, told CBS News.

"Citi is looking from the consumer perspective to see what customer acceptance would be with this kind of technology. They are looking to see what customer acceptance is around biometrics, to see where acceptance of biometrics is in the US population and around the globe."

The design is mobile-focused, departing from the touch pad and boxy screens that consumers see at banks.

Customers would sign into the machine through a mobile app on their tablet or smartphone to see how much money they had in their account and determine how much they needed to withdraw.

Then, all the customer had to do was approach the machine, which would scan the iris of their eye, and once his or her identity was verified, the ATM would dispense the right amount of cash.

According to Diebold, the entire transaction could be completed in less than 10 seconds and the new system offered greater security than traditional ATMs, partly because users would not need a card and would not need to punch in a PIN.