I won’t do a double indent, here goes: “As stores and restaurants attempt to go cashless, they’re installing “reverse ATMs” that dispense stored-value cards in exchange for greenbacks. Why it matters: More businesses are eschewing cash — a trend accelerated by the pandemic — but states and cities are passing laws banning them from doing so, in deference to people who don’t
The post Reverse ATMs appeared first on Marginal REVOLUTION.
I won’t do a double indent, here goes:
“As stores and restaurants attempt to go cashless, they’re installing “reverse ATMs” that dispense stored-value cards in exchange for greenbacks.
Why it matters: More businesses are eschewing cash — a trend accelerated by the pandemic — but states and cities are passing laws banning them from doing so, in deference to people who don’t have bank accounts or credit cards.
Handling cash is also a hassle for retailers, with problems including theft and constant runs to the bank.
Driving the news: Reverse ATMs — also known as cash-to-card kiosks — are quickly being installed in all manner of venues that want to go cashless without flouting the law or turning away the “unbanked,” who represent 4.5% of Americans, per the FDIC.”
Here is the story, with further interesting detail, via Anecdotal.
The post Reverse ATMs appeared first on Marginal REVOLUTION.
Current Affairs, Uncategorized