Financial platform Tribe Money Pools says it’s ready to introduce its mobile payments app.
Set to go live on Jan. 9, the app is designed for organizations, teams and social groups, helping them streamline shared expenses, the Kirkland, Wash.-based company said in a Tuesday (Dec. 31) news release.
“From managing club dues to collecting contributions for fundraisers or organizing group travel payments, transferring money has often been a cumbersome and time-consuming process,” the release said.
“Tribe Money Pools solves these challenges with a user-friendly interface and robust features designed specifically for groups, empowering them to focus on what matters most: achieving their goals.”
According to the release, the app lets users create group payment pools for any purpose, such as team activities and family events. It also offers real-time transfers, letting users instantly send and receive money using “bank-level security protocols.”
As PYMNTS wrote earlier this month, bill splitting is a popular use for digital wallets, especially among younger consumers. Research by PYMNTS Intelligence shows that 19% of Gen Z consumers and 12.5% of millennials in the U.K. regularly use digital wallets for this purpose.
“As younger generations embrace this functionality, they’re changing how financial exchanges happen among peers, making digital wallets indispensable for everyday financial management,” that report said.
On this side of the Atlantic, digital wallets are commonly used for transactions. Research from the PYMNTS Intelligence report “Digital Wallets Beyond Financial Transactions: U.S. Edition” found that 48% of consumers use their digital wallets for online shopping, while 39% use them for in-store payments.
Although these figures show a consistent trend, they also spotlight a gap in usage, particularly in comparison to other places such as Great Britain, where a significant portion of the population embraces digital wallets for non-transactional uses. For example, 23% of U.K. consumers use their digital wallets to keep travel or identity-related credentials, a feature that remains underutilized stateside.
“As consumers become more familiar with digital wallets, there’s an opportunity to expand their use beyond payments to include everyday activities like travel and identity verification,” PYMNTS wrote. “With growing interest and high satisfaction among early adopters, digital wallets are set for broader adoption.”
We get a lot of press releases here at PYMNTS. We consider all of them, and some are more newsworthy than others. But this one really got our attention. This past week, Diebold Nixdorf made headlines with its announcement of successfully installing two new automated teller machines (ATMs) at the U.S. National Science Foundation’s McMurdo Station in Antarctica. This achievement marks a significant milestone in banking accessibility, to be sure. We would like to meet the crew that installed them. We’d also like to know why they needed two. Was there a line at the first one? More to come on that.
According to Diebold, McMurdo Station is Antarctica’s largest research and logistics hub, supporting a fluctuating population that ranges from fewer than 200 residents during the winter months to up to 1,100 individuals during the summer (October through February). The presence of these ATMs is crucial, it says, as the next closest banking facilities are thousands of miles away, making them the only ATMs on the entire continent. How’s that for a value proposition?
The DN Series ATMs are designed for always-on availability. And why do they need two? One ATM is actively in use, while the second serves as a backup for spare parts, ensuring uninterrupted service in this isolated area. These machines are connected to the DN AllConnect Data Engine, which leverages Internet of Things (IoT) connectivity, machine learning, and artificial intelligence (AI) to monitor their performance. A dedicated team continuously aggregates and analyzes technical data to identify potential issues, enabling remote diagnostics and repairs. The ATM can be maintained by trained staff at NSF McMurdo Station, or the Diebold Nixdorf service team can remotely guide them through the repair process.
Anyway, it got us thinking. Are there other surprising ATMs in extreme locations? Well, of course, there are. Here’s a sampling of what we found.
At an altitude of about 5,364 meters (17,600 feet), the Mount Everest Base Camp in Nepal is another unexpected place to find an ATM. Although it’s not a permanent fixture and is often set up seasonally, it caters to climbers and trekkers who need cash for local transactions. This temporary ATM service underscores the adaptability of banking services in extreme environments.
In some parts of the Amazon rainforest, particularly in Brazil and Peru, ATMs can be found in small villages and towns. These machines are vital for local communities, providing access to cash in areas where digital payment options might be limited. The presence of ATMs here demonstrates how banking services can reach even the most remote communities.
Located in the Tibet Autonomous Region, Nagqu is home to one of the highest ATMs in the world. This region is very remote, with limited infrastructure, making the presence of an ATM a notable example of banking accessibility in extreme environments.
In the Thousand Islands (Kepulauan Seribu) off the coast of Jakarta, Indonesia, there’s a floating ATM. This unique ATM serves the local community and tourists on the islands, demonstrating how banking services can adapt to isolated marine environments.
Longyearbyen, the administrative center of the Svalbard archipelago in Norway, boasts the most northerly ATM. This location is one of the most remote inhabited places on Earth, with limited access to mainland Norway, making the ATM a vital service for residents and visitors.
On a more serious note, the installation of ATMs in places like Antarctica and other remote locations highlights the evolving nature of banking technology. With advancements in IoT, AI and remote diagnostics, it’s becoming increasingly feasible to provide banking services in areas previously considered inaccessible. As we look to the future, it will be interesting to see where else ATMs might appear. Whether it’s on a remote island, at the top of a mountain or even in space, the ability to access cash is becoming more universal than ever. And who knows? Maybe one day, we’ll see an ATM on Mars, serving the first interplanetary travelers.
For now, the presence of ATMs in unexpected places reminds us that banking is not just about transactions; it’s about connecting people and communities across the globe, no matter how remote they might be.
