A new line of low-cost bitcoin ATMs has been launched by PayMaQ in major European markets. Paybitcoin it accepts bank notes from different currencies arround the world and it allows to exchange money for bitcoins. The ATM is connected on-line and bitcoins are sent inmediately to the customer’s wallet.
„Our company PaymaQ launched on February 22, 2014 the first Bitcoin ATM in Europe in buying and selling Bitcoins, third one in the world. Because the success of the Bitcoin ATM, now we want to launch a smaller low cost Bitcoin ATM version. This smaller version (PayBitcoin) allows customers to buy Bitcoins paying with banknotes. Once the customer has bought Bitcoins in the ATM, they will receive Bitcoins in his Bitcoin wallet. We think that it is essential for the Bitcoin future to be able to pay with Bitcoins in every shop. And for this Bitcoins should have to be available anywhere… „, according to the company release.
PayMaQ is pitching its PayBitcoin ATM as a more affordable solution for individuals and small businesses interested in hosting a digital currency exchange point. One unit costs just under €1000 after VAT and shipping, offering a retail cost savings when compared to $5,000 Lamassu units and $20,000 Robocoin machines.
The PayBitcoin ATM is PayMaQ’s second model, following in the footsteps of a first version that CEO Luis Borrell acknowledged suffered from limitations, including the need for skilled maintenance on a regular basis.
The company has since turned to the development of a cheaper option that it believes is easier for business owners to maintain.
Speaking to CoinDesk, Borrell explained:“Nowadays, there are new people who want bitcoins and they need easy and nearby access to bitcoins. PayBitcoin … is designed for any person who has a store, gym or similar business in which [they] can offer [it] to their customers buying bitcoins at the moment.”
The Bitcoin ATM business model seeks to solve a major barrier for consumers that want to start using bitcoins: acquisition. As such, Borrell put the emphasis on the ease-of-use of PayMaQ’s models: “This model of ATM can be acquired and operated by any person easily. Logically it has some limitations, but we think it is a good product to extend bitcoin around the world.”
Borrell sees the need for a simple way to get bitcoins as part of the process of broader market adoption:
“Traditional banks charge 1-3% fees of every transaction with credit cards. People will be able to pay with bitcoins in any store, restaurant and in any business in general with no commissions or fees.”
First, however, customers need an easy method of exchange. And since Internet bitcoin exchanges aren’t yet able to provide this service, Borrell believes his units will have a powerful value proposition.
The market for bitcoin ATMs is seeing more competition, including the launch of the Lamassu ATM earlier this year. Competition is also heating up in the UK and Southeast Asia, and with its low price point, PayMaQ could become competitive in the global market.
For more details see the link below
http://vimeo.com/89698626
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