NCR Corporation announced this week a new partnership with CoinHub, a cryptocurrency exchange in the UAE. The partnership aims to enable users to withdraw cash from their cryptocurrency accounts at the ATM without requiring to go through any additional steps in between.
The timing also seems perfect considering the growing popularity of virtual currencies in the region, particularly Bitcoin.
NCR explained that it’s CxBanking software has been optimized to allow UAE users an easy access to their Bitcoin funds.
“This locally conceptualized solution is yet another example of how NCR, a dominant ATM and payments player in the UAE, is investing in innovation to make every user’s interaction with their bank exceptional” said Panicos Demetriades, Vice President of professional services at NCR Financial Services.
He further stated that the process of cryptocurrency transaction using NCR’s services is rather simple and hardly any different from the regular transactions at the ATM. All a customer needs is to choose whether to use an ATM card for a regular transaction or initiate a cardless session to withdraw money from their CoinHub cryptocurrency account.
Of course, you need to go through an authentication process first. As a customer you choose your wallet and enter the amount you want to withdraw. A confirmation screen will be displayed and once you confirm the transaction, the notes are dispensed while the chosen wallet is debited.
“When we first showcased this solution to mark the 50th anniversary of the ATM this year, the positive feedback from our leading financial institution customers in the UAE helped guide our decision to bring this to market” Demetriades added.
Because virtual currencies are powered by Blockchain technology, the transactions made are updated on spot a secure with an online ledger by a network of computers.