Cashless ATMs Go Global

What's Next In Payments®
2:52 PM EDT December 3rd, 2012

Taking out cash at ATMs is so yesterday.

That’s what we may be saying around this time next year, as KAL, makers of the “Retail Teller Machine,” or RTM, have announced plans to roll out their product on a global scale starting in early 2013.

KAL made the announcement at BAI Retail Delivery 2012, nearly six months after debuting their product in Times Square. ATM Marketplace reports that KAL has spent the last half-year “talking with bankers and independent deployers about the market opportunities presented by the machine.”

The underlying premise behind the RTM is simple. Instead of cash, RTMs provide consumers with paper vouchers, which can then be brought to store registers and exchanged for physical currency. KAL software then immediately deposits the money back into the retailer’s connected bank account, in what’s termed as a “back-to-back transaction.”

The RTMs are also unique in that they offer live video conferencing with bank call centers, providing consumers with real-time support.

Because RTMs don’t need to be consistently resupplied with cash, KAL claims they’re around 10 times cheaper to operate than standard ATMs.

“It’s a bank machine. It does not replace branches, it does not replace ATMs – it complements the ATM network. So in places where it makes sense to have ATMs, we say, ‘have the ATM there, and service as many customers as you can,” said Steven Hensley, KAL’s executive vice president of global sales.  “But in other locations where it doesn’t make sense to have an ATM because it’s hard to have cash there, or whatever, put an RTM there, and you can deploy about 10 RTMs for the cost of every ATM. “

To see more of Hensley’s discussion with ATM Marketplace’s James Walker, watch the video interview below.

   

Comments
Also by This Author
What's Hot
Mobile Commerce
Blackberry’s Security Patents Attract Lenovo As A Potential Buyer
News
ABA Wants Team-Up To Tackle Security Issues With Retailers
Mobile Commerce
Square Swimming With Payments Sharks
Mobile Commerce
Is Webrooming The New Showrooming?
View All Articles ››
You May Also Like
Company Spotlight
Different mPOS Strokes for Different mPOS Folks
International
Digital River Offers A Sneak Peak At Mobile eCommerce Trends
Mobile Commerce
Trustwave Buys Cenzic To Beef Up App Testing Capability
Apple Pay Tracker
International iPhones Users May Have Found a Loophole to Apple Pay
B2B Payments
CabCharge Knocks Back Fleetcors Take-Over Attempt
Apple Pay Tracker
Apple Sold A Ton Of iPhones In Q3
B2B Payments
Boost Intercept Popularity Soars
View All Articles ››