This ATM is Like Nothing You’ve Seen Before

What's Next In Payments®
4:26 PM EDT June 20th, 2012

This ATM is different — in fact, the manufacturer isn’t even calling it an ATM.

The new Retail Teller Machine (RTM) made by KAL offers retailers a unique way to conduct “cash” transactions with consumers. The trick: KAL’s machines don’t dispense any cash at all.

Instead, RTMs print out paper vouchers that consumers bring to the register in exchange for cash. Once the retailer receives the voucher, KAL software immediately deposits the money spent into the retailer’s connected bank account, in what KAL calls a “back-to-back transaction.”

KAL says its RTMs cost 90 percent less to operate than traditional ATMs since they don’t need to be regularly stocked with cash. Oh, and it offers video conferencing too, letting customers connect live to a bank call center.

Read KAL’s official release here.

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