Canada’s DCBank has partnered with technology supplier XTM to provide shopping malls and entertainment venues with ‘reverse ATMs’ that let customers instantly convert their physical money into a prepaid Mastercard they can then use to make payments at cashless points of sale.
The kiosks “will allow users to securely insert up to $1,000 in cash through a bill acceptor, and in turn an activated and loaded Mastercard is dispensed,” XTM says.
“The entire transaction is completely automated and takes on average 30 seconds to complete.”
“Multiple parties including large stadium venues, restaurants, large shopping centres and big box retailers,” are in discussion to install the kiosk, XTM adds.
“Businesses may charge a small fee for the Mastercard. However, some are electing to subsidise the transaction and deliver the service for free as the cost savings and safety factors of eliminating cash outweigh the nominal cost of the card.”