Where self-service banking and electronic payments meet
In an initiative to optimise the usage of cash in an efficient economy, government agencies have begun to encourage the reduction of cash circulation by introducing electronic payment (e-payment) instruments. For certain merchants, the high cost-of-entry for the use of these e-payment infrastructure forces them to pass these costs on to the consumers. Other merchants however, may choose to opt out from it altogether.
The Rototype Cashless ATM seeks to overcome the high cost-of-entry barriers and functions as a shared ATM, enabling customers to pay for purchases using their ATM card.
By selecting the merchant payee at the self-service machine, the total amount payable will be debited from the customer’s savings or current account, while the merchant will receive payment instantly via electronic transfer. At the same time, customers will receive a secured voucher which can be presented for their purchases, just like cash.
