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Australian Manufacturer Debuts First Cashless Bitcoin ATM

Australian Manufacturer Debuts First Cashless Bitcoin ATM

An Australian company says it has produced one of bitcoin’s holy grails: a cashless ATM that allows users to buy bitcoins using a credit card, and sell bitcoins via a direct deposit to their bank account.

The first fully functional Diamond Circle ATM arrived from its manufacturer in Brisbane this week. Unlike competing ATMs and vending machines that rely on QR codes and cash, Diamond Circle’s solution is based on near-field communication (NFC) technology with paper receipt backups.

This unique approach is the brainchild of CEO Stephen Rowlison, a seasoned FinTech (financial technology) entrepreneur with 30 years of IT experience in Australia, Asia and the US. Before founding Diamond Circle, Rowlison was working on various projects developing NFC payment and loyalty card systems for retailers. He said:

“I was interested in NFC technology and payments, but just needed a unit of transfer. After learning about bitcoin, I figured I could combine the NFC chip with the ATM idea.”

He added: “What I’ve really done is just brought together two existing technologies: contactless NFC and BTC. QR code payments have been outlawed in China and have no inbuilt card security, which is why using contactless technology makes so much sense.”

Wallet tags

Although Rowlison is exploring other NFC devices for his ATMs, he has decided to focus on a ‘wallet tag’ for now, which is a small disc that can be used as a pendant or keychain.

“It’s got the same smarts as banking technology except we mandated a Personal Identification Number for all tags that are registered online.”

It’s the same contactless technology being deployed in some countries by Visa’s PayWave and Mastercard’s PayPass. Australia’s point-of-sale debit card network EFTPOS, which uses PC compatible devices, has also begun using NFC chips.

 

This all means Diamond Circle will be in a dominant position to launch its second phase: POS integration that will enable retail merchants to accept payment in bitcoin using devices they already have.

The ‘wallet tag’ devices function as cold storage wallets that communicate with the cashless ATMs. Customers also have the option to print out paper receipts and use them with more traditional smartphone or desktop wallet clients. The paper receipt can also be used as a backup for wallet tag users.

Diamond Circle customers can use the NFC ‘wallet tag’ device with a number of smartphones to check bitcoin balances and broadcast their public address.

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This entry was posted on March 25, 2014 by and tagged .

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bitcoinvancouver2013@gmail.com

bitcoinvancouver2013@gmail.com

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