Smart ATM, crypto ATM, VTM, Kiosk Of The Future
In the shifting sands of the global financial landscape, the ATM market stands as a testament to the enduring power of cash. Despite the rapid advancements in digital banking and e-wallets, cash maintains its reign, underscored by the belief that “Cash may not be king, but it’s still royalty.” This sentiment is supported by the Wall Street Journal and echoes through the halls of British fintech regulation, where there’s a push to protect access to cash, highlighting its unwavering importance in today’s economy.
The current ATM market, however, reveals a landscape ripe for disruption. Traditional players like NCR and Diebold Nixdorf dominate, selling hardware rather than solutions or services, reminiscent of an industry before the AWS revolution. This approach leaves a gap wide open for innovation, particularly for digital-first players who are sidelined by an outdated model that doesn’t cater to their needs.
With approximately 3 million ATMs worldwide connected to major networks like VISA and MasterCard, the largest non-proprietary network, Allpoint, spans only 285,000 ATMs across 10 countries. Yet, the challenge for digital banks and e-wallets is daunting: connecting with these networks is a Herculean task, devoid of the simplicity and efficiency of APIs or SDKs. This convoluted process underscores the struggles of over 150+ digital banks, predominantly based outside the U.S., and countless e-wallets thriving in markets across China, Korea, Japan, and Africa.
The pain points for end-users of digital banks are equally pressing. Cash-out options are extremely limited, and the concept of depositing cash is virtually nonexistent. This creates a bottleneck for users who find the utility of their digital bank’s card constrained by these limitations.
Yet, the definition of an ATM is evolving. Innovations like POS cash boxes, mobile ATMs operated by Indonesian GoJek drivers, and on-the-spot card issuance challenge the traditional ATM model. Similarly, identity verification processes, exemplified by India’s Aadhaar system and California’s Clear, point towards a future where ATMs serve a broader purpose beyond cash transactions.
This landscape sets the stage for a revolutionary concept: ATM-as-a-Service (ATMaaS). This solution proposes an open architecture, worldwide network of advanced ATMs that cater to the needs of digital banks and e-wallets. The ATMaaS model offers global coverage, seamless integration through open APIs, and a user-friendly pay-per-use system free from cumbersome fees or deposits. It promises to eliminate cash-out limits, offer competitive rates, and introduce cash-in functionality, thus bridging a crucial gap in the market.
Furthermore, the ATMaaS model could expand to include card issuance, providing digital banks a tangible touchpoint for their end-users. The integration of video contact centers could transform these advanced ATMs into virtual branches, offering a blend of digital convenience with the personalized touch of traditional banking.
The ATM market stands at a crossroads, with digital identity and banking era demanding a back-to-basics approach reimagined for today’s needs. As digital banks, e-wallets, and even crypto-startups navigate this terrain, the ATMaaS model offers a beacon of innovation, promising to redefine the role of ATMs in a world where digital and physical financial services converge seamlessly.
Best by design ATMs and VTMs:
Crypto ATMs:
Biometric devices: Aadhaar (India), Clear (US), Orb by Worldcoin (US)
Voting machine or Poll kiosk
Bank card embosser printers have gotten so small and affordable now that you can integrate a printer directly into an ATM (kiosk) within its casing — and print a card for the customer right there! Producing an Aadhaar card, state ID, or BRP-card uses the same technology as printing a bank card (magnetic strip + chip + NFC)
Biometric smart ATMaaS-concept from Nansen.ID:
- biometric-first: face-, retina-, fingerprint-, palm-, voice- recognition
- integrated printer-embosser for instant printing of bank and ID cards
- remote video calls for live verification and enhanced customer support
- APIs for any digital bank or wallet — unterface and UX customization
- ATM-as-a-service: plug-and-play + pay-per-use (digital banks&wallets)
- card-present and card-not-present (NFC-, QR-) transactions
- and even O2O-voting machine (poll kiosk) for elections
In Indonesia, the ATM market got disrupted by the local “Uber,” GoJek: you choose in the app how much money you want to withdraw or deposit, they’re integrated with the major banks, and while you’re riding their scooter or taxi, you hand over/get the money. In this context, it could be cool to play around with, for example, an ATM (and voting machine) built into an Arrival electric bus.
Biometric-first smartphone concept by Nansen.ID (inspired by nothing phone and Solana Saga crypto-phone):
- Nothing Phone with Nansen launcher and pre-installed Revolut, Worldcoin and SumUp apps
- Revolut esim
- World ID
- Worldcoin crypto-wallet
- Revolut digital bank
- SumUp mPOS- and NFC- card reader to accept card payments
