KAL launches cashless ATMs

Retail Teller Machines

KAL, an ATM software company, is launching the Retail Teller Machine (RTM), a machine that provides all types of ATM transaction but has no cash inside the machine (view press release). According to KAL, the RTMs operate at one tenth of the cost of bank ATMs and, instead of dispensing cash, they print a unique voucher which is then exchanged for cash inside the store. The retailer is instantly compensated by the RTM which executes a back-to-back transaction to remit the dispensed amount into the retailer’s bank account. RTMs run the same software as ATMs and provide a full range of banking services, including the ability for customers to video conference with a bank call centre.

“With significantly decreased running costs, banks can now ensure they have a presence wherever their customers are,” said KAL’s CEO, Aravinda Korala. 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.” 

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