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Korean banks expected to invest big bucks in ATMs

May 23, 2006

The Korea Times:Korean banks are expected to spend more than 500 billion won (U.S. $530 million) to introduce new ATMs that can dispense new banknotes expected to be issued early next year. Banks will have to replace all machines manufactured before 2002, and some also will need to change parts on machines produced after 2002 to recognize the new notes. Bankers in the country estimate that ATMs able to accept the new currency will cost about 40 percent more than the cash dispensers they're replacing. Banks say they expect to talk with manufacturers to see if lower-cost deals are possible.