Jun 11, 2013 - Self-service banking solutions provider Rototype Intl. unveiled its new CJD 8000 cashless ATM yesterday for a gathering of bank executives at its showroom on New York’s Wall Street. A news release from Rototype described the cashless ATM as a new revenue opportunity for banks.
Card schemes today provide cashless payments via EFTPOS, and non-financial providers are aggressively promoting mobile payments and POS devices with mobile wallet integrations. However, small businesses still face cost challenges such as high transaction fees and high cost of entry.
The CJD 8000 cashless ATM lets banks tap this business segment by offering a new cashless payment transaction that uses existing ATM networks.
“With Rototype’s cashless ATM, your bank enables these small merchants to process cashless payments with the familiarity of a traditional ATM,” said Rototype America CEO Harres Tan. “Retail customers will only need to select the merchant to transfer the cash electronically.”
According to Tan, the shared ATM dispenses a high security voucher that a customer presents to the merchant for redemption. The Merchant authenticates the voucher through a Rototype mobile app. The solution can be integrated into a merchant’s existing POS system, he said.
Each Rototype sales transaction translates into a direct deposit into the merchant’s operating account — thus reducing the need for cash handling, cash replenishment and non-interest generating cash in the traditional ATM, the company said.
Additionally, Rototype said that banks could offer cashless ATM facilities surcharge free to the end customer while reaping income from the management of new merchant operating accounts.
The CJD 8000 Cashless ATM is certified EMV Level 2 and ADA compliant and ready for immediate deployment in the U.S. market. Rototype is also the designer of a cashier’s cheque dispensing ATM and a Bundled Cash / Cheque Deposit ATM.