Guest Post by David Stephen who discusses the concept of ATM Pay
ATMs are an opportunity for a new channel of direct payment for e-commerce, online products and so on, to cover new markets, as well as open a new possibility for international remittance.
There are lots of bootleg and digital piracy, in part because some who would have paid, have no easier channel to, or what they would have preferred to be a non-attached payment, is not a possible option. The better spread payments become, the easier it would be for those excluded to pay, rather than skip then seek out those products or services alternatively, without paying.
ATM Pay: Fintech for E-commerce Payment & International Remittance
ATMs provide a path for direct deposit to pay e-commerce, or say for products like digital news, books, application fees, Skype, Spotify, Netflix, HBO, Amazon, Disney +, Meijer, Carrefour, DIA, Microsoft, Google, Caprabo, Apple, Spar, magazine subscriptions, video games and so on.
There is also a chance to do a limited form of international remittance at ATMs, where instead of international remittance with just P2P accounts, or agents, it is possible to do a direct means, just with ATMs between points.
E-Commerce, according to Shopify, is $5.55 trillion global industry this 2022, yet it is stuck to cards, accounts, store and online payment systems, no direct deposit at ATMs.
International remittance, according to a report by allied market research, was estimated at $701.93 billion in 2020, and is anticipated to hit $1.23 trillion by 2030, yet, it is stuck to agents, apps accounts, never directly with ATMs, with cash deposits and withdrawals, using small amounts and a token.
Already, it is possible to do direct deposit for certain payments at ATMs for some revenue services. It is also possible to go to Walmart to pay with cash into Netflix, Spotify and Skype accounts. It is also possible to pay into an Amazon account, in stores, a maximum of $500.
Mobile banking ATMs are ubiquitous across Europe and in other places, with deposit/withdrawal possible with or without card, in options as contactless, ‘cardless’, where transactions use account based IDs.
Most times, ATMs lay empty, with no users and rarely do long queues form at several locations, making them a great opportunity as a tool for payment for those who do not have or use their accounts, those whose cards cannot be accepted by some merchants because of location, those who have cards and account but prefer not to use for that purpose, emergency payment, alternative payment, security or fear of breach on certain websites, and so forth.
How?
An ATM application, connected to a network, allowing direct deposit transactions and instant payments, between individuals and merchants.
Go to an ATM, convert a certain amount of cash into a number that can be used for payment online, or kept, within a timeframe.
Also, deposit can be made directly into an e-commerce account or for subscription to a service, product and so on.
To widen options, some can use their cards to do this at the ATM as well, but the market is direct cash.
Though there is buzz about central bank digital currency, what seems like a necessity is convertibility and payment spread—in a new way.
There is often the question of privacy, security, network vulnerability and penetration—across countries, but using obtained numbers to pay for stuff would be a new angle for a central stage for digital currency, with those numbers having value themselves.
The system would be a set of alphanumeric digits, with parts of it representing value, possible use times, and a pin that the user could activate—at the point of obtaining it.
These numbers can be up to 10 numbers and be made for acceptance for online sales, e-commerce, international remittance and more.
It would bring those who use cash into possible digital payment as well as increasing options for subscriptions for some services to grow.
ATMs are everywhere, so the DD pay application will allow for direct deposit of cash for numbers that can be used to pay.
International Remittance
There are tourists, students, business trips and so on around the world. There is Venmo, Western Union, Money Gram, Stripe, Xoom, international bank account, Wise, home account and cards, Zelle, PayPal, Square Cash, OFX and so on.
Usually, a bank account an agent, or a card is required. It is hardly ATM to ATM, with numbers.
For this direct deposit pay, the maximum one-time amount to send will be $200. It can be sent or received at ATMs of partnering banks, alliance or consortium. So Bank A in one country is partner with Bank B in another country. Whatever country the sender or receiver is, go to any of the respective bank branches, to do a one-time ID registration, to ensure mostly legal transactions, with weekly limits and countering negative proxies. Obtain a username to be useful on the ATM application, for person-to-person instant payment across countries, solely on ATM machines.
Why
Accounts, agents [working hours, or cash unavailability, and so on.], cut out remittance ease for millions, still and this option with ubiquitous ATMs, unavailable, is a disadvantage. Hence this DD Pay, to shape speed and locations, including in transit zones at airports.
Notes
End Users/Buyers: Sometimes an individual wants a subscription for one month, say without using a card, for a particular show, album, book, sometimes for a magazine because of a cover individual and so on.
Goes out and go by ATMs that sometimes lay empty, but cannot pay. This’ll fill the void and grow customer base for online products/services.
Substitutes: The product would immerse ATMs into digital currencies?—?as well as possibility to obtain this number, on certain platforms, but restricted per amount, for security.
Partnership: For E-Commerce, organizations are generally open to new payment systems so long beneficial to profit.
Digital Currency: The payment would be useful to laying a new angle and path for digital currencies, especially for cash conversion, as well as for anonymity from card use?—?at certain locations or websites.
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