Cashless Retailers Increasingly Turn To “Reverse ATMs”

Axios reports:

As stores and restaurants attempt to go cashless, they’re installing “reverse ATMs” that dispense stored-value cards in exchange for greenbacks. 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.

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. Reverse ATMs have been installed at most MLB and NFL ballparks, plus cashless attractions like Six Flags and waterparks.

Read the full article.

More businesses are trying to go cashless by installing reverse ATMs that dispense stored-value cards in exchange for cash.https://t.co/wCKt5dLSeo

— Axios (@axios) April 24, 2023