05 Oct Cardless Cash and other Advances in ATM Tech
In a previous post, we called attention to the fact that some companies have been playing with the idea of allowing ATM processing to handle Bitcoin as well as traditional cash. It still remains to be seen whether the online currency will be the wave of the future that some people expect, but the early experiments with this transition help to emphasize that ATM equipment is prepared to keep pace with changes in the way people think about money and cash transactions.
We’d like to make the same kind of point now, but with reference to a different technological advancement. CBS News recently reported upon a new phenomenon called “cardless cash,” whereby some companies have begun allowing customers to set up ATM transactions via mobile phone and then display a QR code before the ATM equipment in order to complete the transaction and receive the cash.
The demand for such a service demonstrates that the information age has not changed the fact that cash is king, much less diminished the practicality of installing a Cash is King ATM in your retail establishment, lobby, or company breakroom or cafeteria. The need for access to cash remains as strong as ever, even if the ways of accessing it change. But even those changes aren’t fundamental. They’re still ATM transactions, and they still rely the same basic ATM equipment and ATM processing.
As we pointed out with regard to Bitcoin, the possible growth in popularity for this new ATM service would only require that existing ATM equipment be upgraded to accommodate it. That being the case, the advent of new services actually should provide business owners with more incentive to install CIK ATM equipment today, so that it is in place and accessible before such new services lead to a new growth in overall demand for ATM processing.