News
'Reverse' ATM caters to Portland's unbanked
October 4, 2009
Residents in Portland, Ore., now have a chance to deposit more cash rather than withdraw it.
According to a news story from Portland's KGW-TV, Channel 8, a new cash-accepting terminal, coined the ‘reverse ATM' has been deployed in the city as a way to cater to the city's growing unbanked population.
The POWR, Point of Wealth Register, is designed to meet the needs of day labors, taxi drivers and hair stylists, to name a few. The idea came from Doug Lindstrom, a bartender in Portland.
Deposits can be made to a checking or savings account, or they can be used to pay a utility bill. Money also can be added to prepaid debit cards or can be donated to a local charity.
The POWR made its debut this month at Demo '09 in San Diego.
Trends / StatisticsDepositsRetail / Off-PremisesKiosks/Self-ServicePrepaid / Stored Value / Gift CardUnderbanked / UnbankedNorth America
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