MoneyFlow Renews ATM Contract With Regional Hotel Chain

Tuesday 1 March 2005 16:51 CET | News

Hal Schultz, President of MoneyFlow Systems International Inc., reports that the Company, through its subsidiary, Security Bancorp Inc; (SBI) has negotiated to the renewal of ATM placement contracts with a regional hotel chain for an additional period of 5 years.

The renewal deals with the 15 ATM locations that are currently involved and additional locations are planned. The Company processes approximately 100,000 ATM transactions annually from this one customer. Canadians are the most prolific users in the world of ATM and Debit services for cash and purchase payment. Of 22 million adult Canadians, 85% or 18 million hold bank cards. In a recent paper on the ATM industry, Mike Lee, International Director of the ATM Industry Association forecast coming trends in the market. We will see that the ATM industry will be increasingly characterized by multiple machine types, multiple markets and multiple business models. There will also occur, I hope, a major qualitative change to the ATM itself, in response to phenomenal growth in internet banking and other kinds of sophisticated automated self-service. By 2008, we will still see the ATM holding its own in cash is king cultures in both emerging and more mature markets from Italy to Tanzania, functioning as an ever-popular cash dispenser. MoneyFlow intends to address the anticipated product & service enhancement trend by continuing to offer its customers the most flexible and current ATM machines, and add a greater range of services available through the ATMs, including enhanced security applications. This business philosophy was reiterated by Mr. Lee, who continued in his essay, My view is that the key driver for ATM evolution is going to be consumer behavior and customer expectations. If the top end of the ATM range does not become more customized, more personalized, with more wide-ranging functionalities for the electronic wizards of today, then it will be rejected by the new generation and its decline will have begun. Cash dispensing will continue to dominate the middle and lower end of the ATM markets and the future of the cash dispenser is secure as the majority of countries will still possess cash is king cultures in 2008. In fact, we will see cash dispensing being extended to the unbanked, creating millions of new ATM users during this period.

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Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce


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