With cash a concern to pandemic-wary consumers and merchants payments firms, a new ATM option, called the “reverse ATM,” has gained attention in the ATM industry. The machine takes in cash instead of dispensing it, allowing users to convert paper money into an electronic payment. A Toronto-based company, XTM Inc., has deployed a machine at Scotia Bank Arena in Toronto as part of a pilot program, according to a report in Digital Transactions.
The XTM machine activates and dispenses an open-loop, prepaid Mastercard-branded card loaded with the value represented by cash inserted by the user. The cards dispensed by the machines, which feature a 42-inch touchscreen, are EMV- and contactless-enabled, and can be dispensed within a minute after the user inserts his bills.
XTM has three more machines on order for the stadium, which hosts games for the Toronto Raptors National Basketball Association team and the Toronto Maple Leafs National Hockey League.
“We have pending orders for about 700 machines right now,” said Marilyn Schaffer, XTM’s founder and chief executive. The pending orders are from colleges, universities, and other stadiums.