“What is a reverse ATM?”
This question has been asked ad nauseum for the last few years, and the answer is somewhere between an unnecessary step and a cashless society.
‘Hardly-user friendly.’
Money walks
An early August post asked, “What in the Davos,” referring to the home base of the World Economic Forum in Switzerland, where undoubtedly the most controversial world figures come together to coordinate, undoubtedly, the most controversial policies.
The “you’ll own nothing and you’ll be happy” meme apparently extends to physical money, as well, as one X user’s photo read, “reverse ATMs are available throughout the concourse for your convenience.”
According to BluePoint ATM Solutions, a “Reverse ATM” is a cash-to-card kiosk that allows users to convert physical cash into a prepaid card.
The kiosks are everywhere now, especially in New York, where they are seen at venues like MVP Arena and the Saratoga Performing Arts Center. In Texas, the San Antonio Zoo says a cashless experience ensures that guests “spend less time in line.”
If there is any question as to whether or not the kiosks are connected to the WEF-prescribed future, there are a plethora of horror stories floating around online that confirm the theory.
Krisztian Bocsi/Bloomberg/Getty Images
Peasant problems
One traveler to Brussels — the home of European Parliament — panicked when she realized she was nearly out of gas and zero locations in the area “employed an actual human attendant.”
Her credit cards didn’t work anywhere, but her payments weren’t being declined, either. Instead, she realized the pumps operate through reverse ATMs: insert cash, get a ticket, scan the ticket at the pump to get gas.
Turns out this was the case in France, too, Ashley Smith wrote. The blogger noted that in many EU states, paying with a credit card forces a €120 deposit, which refunds the difference depending on gas consumption. At the same time, this is disincentivized given that a signature is required for purchases over €100.
With no humans in sight, it’s back to the reverse ATM for the peasantry.
Fintech Finance News reported in 2024 that the reverse ATMs are “hardly-user friendly,” and one New York location provided no receipt, the card was not reloadable, and users must go through a “time-consuming process” to reclaim any remaining balances.
Similar experiences have been widely discussed online.
Jakub Porzycki/NurPhoto/Getty Images
Card sharks
One Reddit post discussed an ice cream shop in Philadelphia that refused a $10 bill, opting for a reverse ATM payment instead. The card didn’t work, and an employee told the customer it wasn’t his fault before gifting him the treat anyway.
On another thread, users discussed how much money is left unclaimed on the ATM cards. One user said he left $9 on a card at an amusement park because “everything in the park” costs more than that.
Another said the New York MTA had made $100 from his unused cards in just one year.
Detractors say to use the card elsewhere, as it is likely a prepaid VISA or Mastercard. Companies will say it prevents cash theft and reduces labor. This is of course for the business, not the customer, who has to whip out cash at a less secure location and then take extra steps simply to spare the establishment a few minutes of work.
“Minimize pathogen concerns associated with cash,” BluePoint ATM says on its website.
Unfortunately, the Federal Reserve says there is no federal statute mandating that a private business, person, or organization “must accept currency or coins as payment for goods or services.”
Instead, citizens must rely on bylaws, like that of Philadelphia, where under the city’s cashless retail prohibition, establishments “may not refuse to accept cash.”
It is unclear whether that extends to the ice cream experience, though.
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Reverse atm, Davos, World economic forum, European union, Cashless, Lifestyle
