Hyosung Plans To Support Bitcoin Buying at ATMs
As Bitcoin is getting more and more limelight in the mainstream money transactions, companies around the globe are trying to make it easier for people to buy/sell Bitcoins. Recently, one of the widely used payments application ‘Square’ is testing for buying and selling of Bitcoins on few selected user accounts.
In a bid to make Bitcoin buying easier, one of the world’s largest ATM manufacturer - Korean Hyosung - is launching support for having Bitcoin ATM machines that will allow users to instantly buy Bitcoins just at the push of a button.
In order to make this project a reality, Hyosung is working in collaboration with Just Cash - a Missouri-based mobile company offering mobile-based solutions to customers for obtaining cash from ATMs. Once the services go active, buying Bitcoins on ATM will be simple and almost procedure like withdrawing cash. In place of withdrawing any fiat currencies, digital currencies will be straight away dispatched into the recipient’s wallet just with a QR scan.
Once the transaction is completed, the Bitcoin ATM prints receipt about the transaction details along with the cryptocurrency public and private keys. The transaction price will be decided based on the Bitcoin exchange rates which the ATM retrieves from the internet in real-time. Some minor fees will also be charged by the ATM as a part of its services.
As Bitcoin is gaining a lot of global popularity amongst new and professional investors alike, Hysoung describes this option “as a great way to introduce customers to the world of cryptocurrencies”. Bitcoin will be the first currency to get this support and there are talks about more coins being added into the system.
Hyosung is the fourth largest ATM manufacturer in the world with over 8000 machines actively installed on its home turf of South Korea. This is not the first such attempt from Hyosung as the company has previously created a Bitcoin ATM for Coinplug.
Hyosung said that such a feature will be implemented in ATMs just through a software upgrade and hence the roll-out can be expected to occur quickly. Moreover, the Korean company confirmed that such support will provide a number of benefits to vendors like easy implementation, a new revenue stream, no hardware required and ability to attract new and repeat customers.
One of the interesting offerings could be buying bitcoins in exchange for cash but whether the reverse will also be possible remains uncertain. Also, there is no decision on the exchange rate or percentage charged for using the ATM facility. Usually, it is always cheaper to transact on online platforms. However, ATM turns out to be a very handy solution especially for some nontechnical people or who don’t want to go through the hustle of getting the KYC’s verified but still want to participate in the cryptocurrency ecosystem.