ATM
Phoenix in the US state of Arizona has been chosen by technology
developer Better ATM Services (BATM) for the launch of a new
concept in the prepaid card market – ATMs that dispense cards via
their cash tray.
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According to BATM’s CEO, Todd L Nuttall, the technology offers
retail merchants and financial institutions the opportunity to
expand the utility of the ATM without any costly upgrades.
“Our technology means ATMs can dispense gift cards, event tickets,
transit passes or any other type of prepaid card without investing
in additional, costly equipment like sidecars,” said Nuttall.
According to BATM, its cards are contained on a single plastic
sheet that consists of three panels. The cards have the dimensions
of bank notes that are larger than those in the US, such as the
Danish kroner (which is about 6in by 3.5in). The ATM cassettes can
be adjusted for larger currencies and the specified size of BATM
cards.
The concept dates to 1998 when the invention was patented, but
public interest in stored-value cards was minimal. It was only in
2005 that the inventors aligned with private equity company Varos
Holdings in order to establish BATM and target a market that,
according to consultancy Mercator Advisory Group, is worth $80
billion annually for gift cards alone in the US.
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By GlobalDataIn a key development for BATM, Diebold has become the first ATM
manufacturer to offer BATM’s technology.
“Better ATM Services’ technology breathes new life into legacy ATMs
and ushers in a new era of ATM dispensing technology,” said
Diebold’s global development and services senior vice-president,
Charles Ducey.
