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Retail Teller Machine: Concept Hopes To Make Cash A Thing Of The Past

Retail Teller MachineRetail Teller MachineWe'd all like to pretend that money doesn't make the world go 'round, but this is a business blog, and the reality is that each and every one of these unique business concepts require capital for development and operations. With that said, would you believe me if I said that a new business is hoping to reinvent the wheel and release society's dependency on cash? In fact, it is a concept that involves from a booming business that is all about money. With a little luck, the Retail Teller Machine (RTM) just might replace ATMs in the future.

The Retail Teller Machine from KAL ATM software is not only a pretty cool business concept in itself, it could transform the way retail businesses operate if the trend catches on. Instead of dispensing cash like traditional ATMs, the RTM allows shoppers to purchase vouchers that can be redeemed for items in their inventory. Of course, money still comes into play, since sadly no one has come up with a real life money tree, so the amount is automatically deducted from the shopper's bank account as with a typical ATM. 

Those that still want to walk away with cash can do so, by getting a voucher from the RTM that can be exchanged for bills in the retai store. There are a number of reasons why this new concept is beneficial - but the primary one is cost. Ultimately, the maintenance on this type of machine is lower as cash does not need to be regularly re-stocked (or picked up, in ATMs that accept deposits). This lowers the cost, and ultimately the inconvenience that businesses face by keeping an ATM on site. 

It's a cool concept with potential - but do you think it's one that will actually catch on, or is society just way too attached to cash? 

Via: TrendHunter