The days of using your ATM card and password may be numbered. Instead, you may soon be using your face, voice or fingerprint to get your cash. Hoyos Labs1U that allows you to use biometrics, like your face or fingerprint, to sign in to all of your online services without having to remember a password, including banking sites, email, social networks. The next step though: take that same technology, still using your phone, and apply it to cash machines.

“You walk up to the ATM, the ATM is showing you a QR code, the QR code is being generated by the bank software on the ATM, it refreshes every 30 seconds. You scan the QR code, it sends a message back to the bank’s system. The bank then says ‘OK, let’s send an authentication request,’ which is in the form of your phone waking up to look at it, which extracts your biometrics," says Hector Hoyos of Hoyos Labs.

As to the main motivation behind a system like this, Hoyos says there are actually two: security and convenience.

On the security side, Hoyos says all the transactions are encrypted several times over.  Plus, this helps cut down on skimming, which some estimates suggests happens to as many as one in five Americans. Skimming is when thieves place a barely noticeable device over the card swipe in order to steal the information from your card’s magnetic strip. On the convenience side, well for starters, no more remembering pins.

 “In this case you scan the QR code, you look at it, that’s it. So this transaction is about 50 percent faster," says Hoyos.

Hoyos Labs says it’s in talks with several banks nationwide which are interested in maybe implementing this technology later this year.

One of the big upsides for the banks: this all happens with a simple software upgrade. That means just about any ATM, even old ones, could potentially utilize the feature.