ATMs are evolving, with traditional ATMs now sporting functions such as bill pay and automated check caption services. Now, convenience store retailers have the option of installing bitcoin ATMs, allowing customers the chance to purchase bitcoin with cash.
With these and other tech-forward initiatives driving growth for c-stores, retailers should stay on top of the cryptocurrency trend and consider if bitcoin ATMs are right for their store.
Customers looking to use a bitcoin ATM can purchase $20 to $12,500 worth of bitcoin per day with cash. Then they are able to send it to their digital wallet or create a new paper wallet and receive a printout with the codes to access the transaction.
According to Allied Market Research, the global cryptocurrency ATM market size is projected to reach $3.56 billion by 2030, growing at a CAGR of 58.5% from 2021 to 2030.
Retailers such as Pops Mart Fuels, ARCO ampm stores and GPM Investments are among those who already hopped on board the bitcoin ATM train or are looking into the tech. Kwik Trip and Circle K have also decided to employ bitcoin ATMs.
One potential drawback to adopting bitcoin ATMs is large consumer fees, a concern that has already stalled retailers such as Lou Perrine’s Gas and Grocery on implementation.
Take a minute to decide if installing a bitcoin ATM would benefit one or multiple of your stores. If you are in an area where bitcoin and other cryptocurrency are highly regarded and used, these ATMs could prove to be lucrative.
Additionally, bitcoin ATMs have the possibility of drawing a new set of customers. Should you not have the additional floorspace, the possibility of purchasing cryptocurrency via traditional ATMs is growing.
As bitcoin ATM deployment and the use of cryptocurrency in general continues to develop upward momentum, customers will begin to look for these ATMs in stores. Retailers should give serious thought to whether or not a bitcoin ATM will resonate with their store’s demographic.