Argentina in non-bank ATM push
Argentina is due to get 7,000 new ATMs this year, following changes to associated regulations made by the central bank in 2017.
Under the new rules, supermarkets, pharmacies, gas stations, kiosks and cooperatives are among those authorized to install and run ATMs. Investment in the machines – which can also be run by third parties – is expected to be US$70mn, state news agency Télam reported.
ATMs no longer have to be associated with a specific bank but they must be part of an established ATM network such as Red Link or Banelco.
"This year we'll install 2,800 ATMs in shops and gas stations. We started last year with [gas station chain] YPF, where we installed recycler-type ATMs which the gas stations can refill with cash," Red Link manager Jorge Larravide was quoted as saying.
He added that the role of Red Link involves monitoring and maintaining the machines, but that these functions can be carried out by the likes of stores or third parties, who can purchase and operate their own machines and hook them up to a network.
Red Link is mainly used by state lenders such as heavyweight Banco Nación.
US ATM firm Odyssey Group is among those getting in on the action, planning to install 2,000 machines in Argentina.
By having their own machines, the likes of supermarkets save money by not having to pay cash transport fees.
Odyssey executive director Sebastián Ponceliz said Argentina has 14,000 ATMs, but that the country should have 50,000.
Last year Odyssey said it would start installing 250 bidirectional ATMs that can handle both traditional bills and cryptocurrency.
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