15 December 2017
visit www.solutions.lexisnexis.com

Web-based functionality changing role of ATMs, says Datamonitor

25 July 2002  |  3741 views  |  0 Web-based functionality changing role of ATMs, says Datamonitor

Web-enabled automated teller machines (ATM) are taking off across Europe and the United States, according to a new brief from Datamonitor.

The brief, "Off-side and enhanced functionality ATMs", predicts that Web-enablement is changing the role of ATMs as financial and non-financial services distribution media.

With new developments on the horizon to Web and audio-enable ATMs, products and services that could be distributed via ATMs include postage stamps, phone cards, passport photographs, travel reservations, and cinema-booking services, suggests Datamonitor.

The research shows Spain is leading Europe in ATM innovation, with consumers already able to buy tickets to cinemas, theatres, sporting events and concerts, as well as pay bills, make cash or cheque deposits, and credit prepaid mobile phone cards. Spanish bank La Caixa has 6500 ATMs of which 1300 allow users to perform some of these functions. All 3300 of Caja Madrid's ATMs provide this functionality. In 2002, Caja Madrid plans to add functionality that will allow users to get change back in the form of coins when they pay their bills at ATMs.

In the UK, Abbey National, Orange and Euronet are currently piloting a 'mobile top up' service which if successful will be made available from Abbey National's 3000 ATMs later this year. Orange has been distributing 'pay-as-you-go top up' vouchers via ATMs in Belgium for the last three years, with 30 per cent of its 'pay-as-you-go' customers currently using the service.

Across the water in the United States, New York City's transit authority has begun to make 'metrocard' tickets available via ATMs. Currently, 51 ATMs dispense around 8000 tickets each month. Participating financial institutions include JP Morgan, Chase and Carver Federal Savings.

However, Alex Boorman, Datamonitor's financial services analyst, warns: "The success of ATM providers' attempts to improve ATM functionality will depend upon two factors; the successful implementation of technology and a change in the way that consumers view ATMs. Whilst the technology is now available to take ATMs forward, it is more difficult to anticipate consumer demand for enhanced functionality ATMs."

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

NYCE to provide wireless alternative to dial-up ATM installation

NYCE to provide wireless alternative to dial-up ATM installation

15 July 2002  |  3289 views  |  0 comments

Related blogs

Create a blog about this story (membership required)
visit www.niceactimize.comvisit www.thomsonreuters.infovisit www.atos.net

Top topics

Most viewed Most shared
Deutsche Bank paper hails 'huge' blockchain potentialDeutsche Bank paper hails 'huge' blockchai...
10197 views comments | 16 tweets | 25 linkedin
satelliteRipple completes XRP Lockup
9358 views comments | 3 tweets | 2 linkedin
PSD2: Laying the regulatory foundation for a new age in paymentsPSD2: Laying the regulatory foundation for...
8948 views comments | 17 tweets | 36 linkedin
Alior Bank to use Open API platform and accelerator to create fintech marketplaceAlior Bank to use Open API platform and ac...
7593 views comments | 20 tweets | 11 linkedin
Australian Government amends AML rules to cover digital currenciesAustralian Government amends AML rules to...
7222 views comments | 15 tweets | 24 linkedin

Featured job

Competitive package
New York City, NY - USA

Find your next job