Diamond Circle Launches First Cashless Bitcoin ATM

Australia-based payment network Diamond Circle commissioned its first bitcoin ATM in Queensland, Australia.

Photo: DiamondCircle

Photo: DiamondCircle

Australian payment company Diamond Circle has established its first cashless bitcoin ATM at a “Bluff Cafe” in Queensland in Australia. The café is situated at Burleigh Heads in a suburb of Gold Coast City.

The machines work only with its bitcoin debit cards and cannot be used with other ATMs, which the company presented earlier in May.

Diamond Circle debit card cost only $5. Each card can be used as an offline storage wallet. The ATMs can be utilized to check users’ bitcoin balances.

Notably, users are able to use only VISA or MasterCard branded ATMs to purchase the card. Diamond Circle stated: “Unlike other bitcoin ATMs, the machine only supports Visa and MasterCard for the purchase of bitcoin and cards thus, reducing security threats, the cost of holding cash, thus increasing margins and ongoing residual payments to distributors and owner/operators.”

The Bitcoin ATM includes near field communication or NFC feature. It enables two devices to establish radio communication by bringing them close to each other.

All wallets are secured with pin codes. They further come with paper receipts that serve as a printed record of the transaction.

The remittance function will enable users to send bitcoins through SMS. The cards are compatible with Apple SDK. Moreover, the cards could also use NFC on Apple devices, although NFC feature is limited to Apply Pay.

According to Diamond Circle, it is going to start developing new point of sale (POS) apps, which will let users to buy cryptocurrency and check the balance from NFC enabled devices, such as online gateways, Android phones and corporate wallets.

Furthermore, the firm plans to sell its card readers and make them available at taxi cabs, gas stations, parking meters, transit services and for local traders.

Still, Diamond Circle’s machines are not the first ATMs in Australia. Thus, several establishments installed their kiosks in 2014. Besides, in 2013, Lamassu supplied a third of its ATMs to Australia.

According to CoinDesk, there are 15 bitcoin ATMs in Australia and most of them are installed in Sydney, Canberra, Bisbane and Melbourne.

Given a population of 23 million people, Australia now has more ATMs than Germany, France, Britain and other countries, except USA and Canada.

The new cashless Bitcoin ATM is being discussed all over the world. Diamond Circle’s new service received interest from many countries, including the UK, USA, China, Canada and the Middle East. The company had already sold its two ATMs in Australia and had exported one to the UK.

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