Over the past few years there has been a dramatic increase in mobile and cashless payments. Exacerbated by the global COVID-19 pandemic, cashless payments are on the rise. As a result, ATM producers and manufacturers are thinking outside the box for ways to support the public with their financial needs in less traditional ways.
One way that the traditional ATM is changing is via a Reverse ATM. Reverse ATMs have the ability to take a customer’s cash and receive a prepaid debit card in exchange. These types of ATMs are showing up at sports stadiums, casinos and cultural events. This allows a greater swath of the population to participate in events, even when they primarily conduct financial transactions by using cash.
Another way that ATMs are adapting to the times is in partnership with a rather niche market. Video game terminals, used in arcades and casinos, are primarily cashless. However, video game terminals can now work in collaboration with ATMs to work in tandem. When a customer wins a game, the game terminal can provide a QR code that can be read by an ATM to allow the customer to redeem cash prizes. This allows for a more secure, seamless experience for gamers.
Some other ways that ATMs can adapt to public needs are more universal. Such as the ability to pay for a meal using a self-service ATM kiosk to check out or by adding the ability to add loyalty points to a retail loyalty card via cash.
While cash is still in high demand around the world, there are ways that the ATM can adapt to serve a broader range of public needs.