In an effort to streamline the purchase of goods and help to bolster sales, UK-based company KAL has created the cashless ATM.
Named the RTM for 'Retail Teller Machine,' the ATM-like machine dispenses retail vouchers that can be used on-site for the purchase of goods and services. When a transaction is made, money from your bank account is electronically transferred to the store and a voucher for that amount is provided instead of cash. If you'd prefer to receive cash, the voucher can be converted to cash by the store you're in. The RTM is a fantastic way of decreasing the dependency on ATMs, which require constant refilling and maintenance.
Cashless ATMs could be popping up sooner than later as the concept of the RTM has more global abilities for consumers that allow for seamless transactions no matter where you are in the world.
Cashless ATMs
The 'Retail Teller Machine' Dispenses Vouchers Not Cash
Trend Themes
1. Cashless Transactions - Opportunity for businesses to offer seamless and convenient payment options without the need for physical cash.
2. Voucher-based Payments - Disruptive innovation potential in transforming traditional retail transactions by replacing cash with voucher systems.
3. Streamlined Purchasing - Opportunity to enhance the efficiency and convenience of the purchasing process by eliminating the need for physical cash.
Industry Implications
1. Retail Industry - Industry players can explore the integration of cashless ATMs as a means to provide customers with convenient and secure payment options.
2. Financial Technology (fintech) - Potential for FinTech companies to develop advanced software and hardware solutions that facilitate cashless transactions at ATMs.
3. Hospitality and Leisure - Cashless ATMs present an opportunity for hotels, resorts, and other leisure establishments to offer voucher-based payments to enhance guest experiences.