More businesses are trying to go cashless by installing reverse ATMs that dispense stored-value cards in exchange for cash.
Airports, hotels, college campuses, cinemas, zoos, restaurants and retail shops are installing reverse ATMs.
The machines have to be fast and easy to use, particularly at movie theaters, ballgames and other places where people go for a defined period of time. "If I tell you your cash is no longer good and you have to go to the machine and convert it to cards, the experience has to be good," Beg tells Axios. "In the two-hour window you have to watch a game, you have added a few minutes."A reverse ATM from Wavetec starts at $6,000 — plus extra for servicing the machine, which includes removing the cash and replenishing the cards.
As things progress, "it might not be a physical card" that you receive at a reverse ATM, Beg says. "You can have a virtual card on your smartphone."
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