Australia's first ATM was installed in Sydney in 1969. The machine only dispensed $25 per transaction and it swallowed and kept your card, sending it back to you via the post! It's fair to say ATM technology has come along way since the 60s with innovations like central computer systems, 24/7 operating hours, and more recently, trials of biometric identification.
Another fresh development is the global rollout of Bitcoin ATMs, which have popped up across the nation since the first was installed in Sydney's Pitt Street Mall in 2014. You may well wonder what this has to do with hospitality? Read on, as we explore the future of the ATM and, specifically, how a Bitcoin cash machine can help boost your pub or club's revenue!
Why people still love ATMs
While the rise in digital payments has seen ATM numbers drop across the world, ATMs still play a vital role in providing people and communities with much-needed cash.
It's important to remember that many travellers, older generations, people in rural areas and countless businesses (e.g. in retail and hospitality) still operate in cash-necessary environments. In fact, a recent report by Access to Cash Review warns of the “dangers of sleepwalking into a cashless society”. Highlighting that millions of people could be financially excluded, potentially suffering from an increased risk of isolation, debt and exploitation.
Where the ATM is headed
While we are a long way off a complete cashless society (if that ever eventuates), the ATM is evolving to meet the needs of society. With this in mind, it makes sense that ATM vendors are thinking beyond the traditional ‘hole-in-the-wall’ cash dispensing to find further utility and improved experiences for users.
Some banks are rolling out facial or fingerprint recognition technology, allowing ATM users to access their accounts without the need for digital identification processes like PINs.
Remote access software updates
Many banks and ATM vendors are trialling the use of remote access software to ensure greater network security. Remote access allows developers to perform software updates off-site - keeping ATM software and security as up to date as possible and reducing the risk of digital attack.
Bridging the gap between cash and digital
Some ATM vendors, like Banktech, are building the cash infrastructure to support digital transactions like topping up digital wallets, paying bills and more recently, converting alternative currencies.
A short history of Bitcoin
It's a safe bet you've heard of Bitcoin and other cryptocurrencies. They began with the development of Bitcoin just over a decade ago in 2009 by a mysterious and pseudonymous developer Satoshi Nakamoto, whose true identity has never been verified. Since then, Bitcoin has displayed remarkable resilience as a peer-to-peer cryptocurrency and is showing no signs of going anywhere.
While it may have a way to go, crypto has done an excellent job in disrupting the market and institutions of hundreds of years, and is becoming more mainstream every day . It offers exciting opportunities for hospitality venues to diversify their income into the future.
The benefits of a Bitcoin ATM in your hospitality venue
There are a few compelling reasons to consider installing a Bitcoin-enabled ATM at your venue:
Increase foot traffic
The demand for Bitcoin is increasing every day and consumers are looking for convenient ways to access their digital wallets. Not only are you serving your current clientele, but you'll also be attracting new customers who may not have stepped foot inside your venue yet.
Improve ATM transactional revenue
With diversified utility comes greater transaction opportunities for your customers. The more transactions, the more revenue your ATM can make you.
Offer patrons more than just cash
Set your pub or club apart from the rest by expanding your offerings and improving your customer experience.
Steer your business into the future
Bitcoin isn't going anywhere, but it’s acceleration into mainstream has now started. Now is the perfect time for you to align your business with the future of digital payments.
Successful pubs and clubs are adopting new technologies and processes to improve functionality and move their venues into the future. Find out today how you can future-proof your venue.