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DCBank works with XTM to introduce 'reverse ATMs'

DCBank works with XTM to introduce 'reverse ATMs'

Canada's DCBank has joined forces with technology outfit XTM to install cash kiosks that convert notes and coins into a pre-paid Mastercard for spending at shopping malls and sports stadiums.

With Covid-19 concerns surrounding cash, employees and employers want to eliminate the need to accept or dispense cash but do not want to alienate customers or turn away business.

Operating as a reverse ATM, users can insert up to $1,000 in cash through a bill accepter, and in turn an activated and loaded Mastercard is dispensed.

Toronto-based XTM says it is in discussions with multiple parties including large stadium venues, restaurants, large shopping centers and big box retailers. Businesses may charge a small fee for the Mastercard or subsidise the transaction and deliver the service for free.

"Our cash accepting Kiosks are an important step in completing XTM's delivery of a completely cashless ecosystem for our customers," says Marilyn Schaffer, CEO, XTM. "As there will continue to be cash in circulation for the immediate future, it is perfect timing for us to step in and provide a safe and efficient solution to ensure that all our customers' needs are met.'

Comments: (1)

A Finextra member
A Finextra member 16 June, 2020, 09:23Be the first to give this comment the thumbs up 0 likes

Money laundy risks in getting banknotes converted into deposits on a debit card connected to a global card scheme? Does the service do a KYC and a query on the origin of the cash? Can a customer get multiple prepaid debit cards from the service?