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iQCashNow has integrated Dash into 250 of their ATMs located throughout Austria, Greece, Turkey and Spain thanks to integration efforts by Dash Embassy DACH.
Around 40% of iQCashNow’s ATMs are two-way, while the rest are only one-way, but they plan to only install two-way ATMs in the future, according to Gerald from iQCashNow. Consumers are able to purchase up to 500 EUR without verification, but for amounts over 500 EUR, consumers must complete “a one-time verification by means of official photo ID (ID card, passport or driver’s license)”, which is estimated to take 30 minutes, based on their FAQ page. Their fees vary by country, but have told Dash News that they charge 4% in Austria. Gerald believes that their ATMs significantly aid improve accessibility since, currently, “some clients are driving 5-600km to sell crypto for cash” and sees a reliable ATM network as an integral part of tapping into cryptocurrency’s wide adoption potential:
“The crypto [system] absolutely needs a mass market. E-commerce solutions for online shops, point-of-sale terminals for retail and offline stores… We are market leaders in ATMs and point-of-sale in Europe and have a small but steadily growing share compared to other payment systems. Visa alone has $ 17.5 billion in transactions daily. Alipay over 1 billion users daily… As you can see, what potential there is! Transfers take up to seven days, crypto [transfers] immediately and at far lower fees. There are endless examples.”
iQCashNow will also be integrating Dash into their POS Terminals and Webpay application where “the amount paid by the customer can be immediately converted into the selected target currency to avoid any exchange rate risk”. For their POS and Webpay applications, as well as ATM usage, iQCashNow sees Dash’s inherent network features as advantages over competitors.
“Dash certainly has strong competitors, but it’s much faster than its contemporaries and therefore better to use as a payment system. The fast confirmation times, the name recognition, [etc.]… “
Increasing uninhibited consumer and merchant access
ATMs help provide an easy way for consumers to acquire cryptocurrency since it can be done in-person with cash or credit/debit card. This is much simpler than online purchases that often require the creation of accounts and bank verification processes that can exclude individuals that do not have banks or do not want to be subject to verification. Additionally, some card companies and banks have prohibited use in cryptocurrency acquisition efforts, which makes cash purchasing even more important.
Thanks for reaching out to us. Unfortunately, Wells Fargo does not allow transactions involving cryptocurrency. -Josh— Ask Wells Fargo (@Ask_WellsFargo) July 12, 2019
Enabling merchants and consumers to have a simple cryptocurrency acquisition and liquidation method enables the general adoption of cryptocurrency as a cash/card alternative. As more people realize how quickly they can move money with cryptocurrency, more ATMs will become common in storefronts and both consumers and merchants will be able to use cryptocurrency as their payment method even if one or both parties may choose to not hold cryptocurrency long-term.
Dash focusing on wider adoption efforts with ATM integrations
Thanks to an aggressive integration strategy, Dash has seen significant ATM adoption by other companies such as Cryptobuyer located through Central and South America and are also using Dash on their POS platform, which is currently in service at Traki, the Venezuelan Department store. Then other cryptocurrency ATM providers that also integrated Dash, such as CoinLogiq and Vault Logic, recognize the potential of crypto ATMs for the remittance industry. Additionally, VegaWallet has partnered with Covault, to bring their services to cannabis dispensaries that suffer from a chronic lack of banking access.
A key concern to merchants and consumers is speed and safety in their payment methods. Both parties want to have their transactions completed quickly, with the confidence that it was done correctly and will not change in the future. Dash helps satisfy this with its New InstantSend and ChainLocks to lock-in transactions within seconds and prevent the risk of a reorg, all while making the transaction instantly respendable. These attributes make Dash very conducive for situations such as buying Dash at an ATM and then immediately walking over to the counter and using it rather than the merchant having to wait for the network confirmation, as Ryan Taylor, CEO of Dash Core Group, has previously described.