Cashless and contactless payment systems rose steadily during the COVID-19 pandemic, even as the amount of cash on hand increased during that time. With consumers diversifying the way they handle payments, ATM companies are dreaming up ways to adapt and cater to customer’s differing needs.
One way that ATM manufacturers are adapting to new ways of thinking is in creating Universal ATMs. These ATMs can have several different components to them, depending on what retailers are looking for.
Here are a few ways that manufacturers are including or exploring for their ATMs:
- Reverse ATMs – Where a customer can insert cash and receive a pre-paid debit card for use at events.
- Self Checkout – Many restaurants are now removing the process of having waitstaff handle financial transactions. Self checkout ATMs allow customers to pay for their meal using cash or incorporating cash into restaurant loyalty programs.
- Gaming – Video game terminals are typically cashless. However, new technology allows game terminals to deliver QR codes that can be taken to an ATM to redeem cash rewards.
There is still a great need for access to cash, especially in areas where brick and mortar banks are few and far between. ATMs that further adapt to include services for people who prefer cashless transactions will continue to thrive and generate increased patronage.