Sberbank buys blockchain ATMs in bulk
CONTENT

  • Blockchain ATMs are being massively introduced in Russia

  • New ATMs Will Eliminate Contact With Bank Cards

  • Bitcoin ATMs are still not popular in Russia

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The largest bank in Russia announced an open tender for the purchase of blockchain-enabled ATMs. According to the documentation published on the government procurement website, the company intends to buy 4,917 ATMs at a price of $ 22,000 each..

Why ATMs need blockchain

 

Sberbank purchases blockchain-based ATMs in bulk

According to the documentation, ATMs must support blockchain technology to ensure interoperability with all payment systems operating in Russia, including Apple Pay, Google Pay, Samsung Pay, Mir Pay, and Huawei Pay. In total, Sberbank will allocate over $ 108 million to the project. Thus, the financial institution wants to expand the network of contactless ATMs that allow customers to perform basic banking operations without the participation of bank employees.

As explained in Sberbank, in this way the company is trying to reduce the physical contacts of bank customers with credit and bank cards, which can also be the source of the COVID-19 virus. Providers of new generation ATMs are promised to be named in June. At the moment, trading continues.

Bitcoin ATMs are not yet represented in Russia

 

Despite the fact that Sberbank is actively developing its own ATM network, ATMs working with bitcoin are not yet represented in the country, unlike other countries of the world. According to the latest statistics, 66.2% of all bitcoin ATMs in the world are located in the United States. For comparison, the analogous figure for Asia is only 2.1%. According to the analytical portal LearnBonds.com, as of January 2020, the United States is the undisputed leader in the number of installed bitcoin terminals. They account for over 66% of the total number of all machines. Overall, 4,992 or 77.3% of all Bitcoin ATMs are located in North America.

But it cannot be denied that the growth in the number of physical terminals alone is not yet a guarantee of their active and efficient use. Also, high trading fees are an obstacle to the popularization of bitcoin ATMs, which reduce the attractiveness of such machines..

According to recent data from CBS News, the average commission charged from a client when using such a BTC terminal was about 9% in 2017.

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Undoubtedly, such bets can scare off most users from the terminals, with the exception of those who have an emergency and urgently need to cash out bitcoins..

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