Japan's Oki releases new bitcoin capable ATM for Southeast Asia markets
OKI Electric Industry, Japan’s leading telecommunications manufacturer today announced the launch of a new cash-recycling ATM, ATM-Recycler G8, targeting overseas markets. Incorporating expertise accumulated by OKI in Japanese and international markets, this ATM is a strategic product in response to higher speed and greater capacity for expanding cash demand which will include a need for future scalability.
The new ATM will allow users to link their online bitcoin wallets to the machine in order to withdraw funds based on the cryptocurrency market price, as well as deposit physical cash into their digital wallets.
As part of plans to grow its mechatronics business in overseas markets, OKI plans to sell 150,000 units of this model over the next five years in emerging markets like India and Southeast Asia, where market expansion is expected.
The very large volume of cash circulating in emerging markets has generated demand for increased efficiency in teller operations at financial institutions. In these markets, due in particular to demand on individual and corporate customers to automate cash deposit handling, cash-recycling ATMs, reducing the intervals of cash replenishment/collection and enabling efficient cash management, are emerging as a key element of the social infrastructure.
The newly introduced ATM-Recycler G8 realizes higher utilization rates and reduction in total operating costs thanks to various improvements, including the industry’s largest banknote capacity (based on OKI research; 12% more than the previous model), 50% faster processing speeds, 20% reduction in installation weight and other advances.
OKI has led the way in ATM technological innovations as a major vendor in this field since pioneering the development of cash-recycling ATMs in the Japanese market in 1982. Introduced in 2009, the ATM-Recycler G7 handles currencies of multiple countries and continues to be adopted in the global ATM market, which until its introduction had been dominated by cash dispensers. The ATM-Recycler G7 is currently in use in 11 countries. Moving forward, leveraging its track record and the trust it has gained in the field of cash-recycling ATMs, OKI will continue delivering solutions to increase ATM added value in response to future changes in payment methods while advancing market growth with the new ATM-Recycler G8.
