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TMCNet: KAL Launches Cashless ATM

[June 22, 2012]

KAL Launches Cashless ATM

Jun 22, 2012 (Close-Up Media via COMTEX) -- KAL announced the launch of the Retail Teller Machine: a cashless ATM.

According to a release, KAL's RTM provides ATM transactions including cash-out and cash-in, but has no cash inside the machine.

RTMs do not dispense cash. Instead they print a unique voucher which is then exchanged for cash inside the same store. The retailer is immediately compensated by the RTM which executes a back-to-back transaction. This remits the dispensed amount into the retailer's bank account. Running the same software as ATMs, the RTM provides a full range of banking services and even includes the ability for the customer to video conference with a bank call center.


KAL's CEO Aravinda Korala said: "We believe the RTM is one of the most important products ever to be introduced to the self-service banking industry. With significantly decreased running costs, banks can now ensure they have a presence wherever their customers are. Most excitingly, it offers a cost effective way to open up banking services to millions of people around the world who do not have easy access to their banks. The patented process of the RTM also provides an exciting new opportunity for retailers to work closely with their banks in providing convenient and safe access to banking services." ((Comments on this story may be sent to newsdesk@closeupmedia.com))

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