A pioneering initiative with Bank Machine ATMs allows UKash carriers to withdraw cash from their virtual vouchers.
The way Ukash works is that consumers buy their vouchers at retail stores (the ones that carry Ukash) which gives them a 19 digit code to be plugged in for purchase at affiliated, online merchant sites. With this latest agreement made between Ukash and Bank Machine, consumers will soon be able to cash-out on an already purchased vouchers at one of 3000 Bank Machine ATMs in the UK.
The motivation by Ukash is for customers to be able to get a full refund if they require one, to refund a half-used voucher and for online gamers or gamblers to withdraw their winnings at the ATM.
Market Trading Ideas for May 10-14Go to article >>
David Hunter, CEO of Bank Machine says that: “The partnership between Ukash and Bank Machine, the longest-established independent ATM operator in the UK, will make Bank Machine the first non-bank operator to offer cardless cash withdrawals at ATMs…We have made significant investment in the development of Ukash cash withdrawals. We believe it’s a pioneering step for consumers and e-tailers alike.”
It is difficult to disagree with Hunter as we constantly read about and experience the ongoing evolution of money and payment, including this new wave that is bringing online payment solutions onto solid ground: It is becoming a repeated and unavoidable theme. Today, Ukash and ATMs, yesterday, MoneyGram in BES branches, and tomorrow, something new, for certain.
The question for you, as the online merchant, is, “How can I leverage these pioneering ventures and ride the wave?” The last thing you want is to get washed up on the beach.