Australia-based Diamond Circle has launched a new cashless ATM that allows users to purchase bitcoins using a credit card and receive payments from sold bitcoins directly into their bank accounts.
The new ATM uses near-field communication (NFC) technology to communicate with a new kind of paper wallet.
Diamond Circle CEO Stephen Rowlison said, "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."
The company is currently working on two variations of wallet tag, a stick-on version for phones or cards and a pendant-style that can be attached to a keychain.
The wallet tag functions as cold storage wallets that communicate with the cashless ATMs.
Customers can integrate the NFC wallet tag with smartphones to check bitcoin balances and print paper receipts.
Rowlison said there had also been a bit of pushback on locations from larger shopping malls worried about the product being delivered.
In order to prove its credibility, the company must test it in a smaller location such as the coffee shops and cafes that house bitcoin ATMs and then move on to larger locations.