Russian Sberbank To Produce 5,000 Blockchain ATMs

The latest crypto news show that major banks in Russia are finally ready to let residents get rid of their plastic card powered personal finance and turn to blockchain instead – via Apple Pay, Google Pay, Samsung Pay and Huawei Pay. The Russian Sberbank just bought around 5,000 contactless ATMs which will be compatible with the payment technologies.

According to reports from Izvestia, Sberbank has recently forked out around $108.5 million on the new devices which are going to be compatible with Mir Pay, a contactless payment platform which was launched by the Central Bank of Russia in May 2017.

All of these blockchain ATMs will be capable of storing at least 14.5 thousand banknotes each and will fit a unique pattern recognition software in addition to blockchain technology. Also, they will be theft and vandal-proofed. Rather than operating these ATMs with touchscreen interfaces, customers will be able to operate them with their smartphones.

Russian Sberbank’s plans are to cut down the plastic card dependence and make the switch from debit and credit cards to a new technology that according to it, can help reduce costs and attract new customers.
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Izvestia also added that its sources have told the media outlets that other Russian banks are also keen on adopting technologies like these in order to battle COVID-19 related services through remote and contactless payments. However, the bank did not explain exactly what role blockchain technology will play in these new developments.

From what we know in the blockchain news, Russian Sberbank is among one of the most crypto-keen banks in the nation. The bank has been exploring blockchain technology in recent months and last year, it unveiled a unique cross-border money transfer app that it believes could help “do away with the need” for cryptocurrencies.

The same media outlet notes that Russian banks are already keen to add new functionalities to the new ATMs, allowing users to make contract-free loan applications from machines along with stock market trades and eCommerce orders.

While the NFC-powered and contactless ATM technology is widespread in many nations, Russian banks appear to be looking beyond this. Russian Sberbank’s rival VTB, for instance, announced that it intends to launch a cash withdrawal service which makes use of smartphones, allowing Apple Pay and Google Pay withdrawals.