Reverse ATMs 🏧 the 15 minute agenda

Reverse ATMs 🏧 the 15 minute agenda
Reverse ATMs take bills, dispense cards as stores go cashless

As stores and restaurants attempt to go cashless, they're installing "reverse ATMs" that dispense stored-value cards in exchange for greenbacks.
Why it matters: More businesses are eschewing cash — a trend accelerated by the pandemic — but states and cities are passing laws banning them from doing so, in deference to people who don't have bank accounts or credit cards.

Handling cash is also a hassle for retailers, with problems including theft and constant runs to the bank.

Reverse ATMs facilitate an increasingly cashless society

More NYC restaurants using reverse ATMs to get around ‘Cash-22’ dilemma

Do reverse ATMs have a fee?

At these machines, those without a credit or debit card can insert cash ($5 minimum) and out pops a debit Mastercard. According to Red Sox management, there is no charge for the card. The card can then be used to pay for anything at the ballpark or anywhere else that Mastercard is accepted.

One service provider – called ReverseATM, appropriately enough – rents out ATM-style machines that accept cash bills in exchange for an “open loop” debit card whose balance can be used anywhere that Visa and MasterCard are accepted.

REVERSE ATMS UNVEILED ON MINUTE MAID PARK FOR HOME OPENER

Called the 15-minute city, the idea is that everyday destinations such as schools, stores and offices should be only a short walk or bike ride away from home. A group of nearly 100 mayors worldwide embraced it as a way to help recover from the pandemic. The conspiracy theorists came late, but suddenly.

Several local governments including Bristol, Birmingham Canterbury, Ipswich and Sheffield have said they hope to implement a 15-minute city plan. Oxford has said it plans to be a fully functioning 15-minute city by 2040.

The 15-Minute City: Where Urban Planning Meets Conspiracy Theories

The mayor of Paris has embraced the concept of so-called 15-minute cities, in which residents live near all of their daily needs.