Innovation

DCBank, XTM introduce 'reverse ATMs'

photo provided by iStock

June 17, 2020

DCBank is partnering with technology provider XTM, to install cash kiosks that convert cash and coins into a pre-paid Mastercard for spending at shopping malls and sports stadiums, according to a report in NFCW.

Due to concerns surround COVID-19, businesses are aiming to eliminate the need to accept or dispense cash without alienating customers or turn away business.

At a reverse ATM, users can insert up to $1,000 in cash through a bill accepter, and, in turn, receive an activated and loaded Mastercard. Businesses could charge a small fee for the Mastercard or subsidize the transaction and deliver the service for free.

XTM said it's discussing the concept with large stadium venues, restaurants, large shopping centers and big box retailers. 

"Our cash accepting kiosks are an important step in completing XTM's delivery of a completely cashless ecosystem for our customers," said Marilyn Schaffer, CTM CEO, in the report. "As there will continue to be cash in circulation for the immediate future, it is perfect timing for us to step in and provide a safe and efficient solution to ensure that all our customers' needs are met."