Russia’s Largest State-owned Bank Introduces 5,000 Blockchain-based ATMs

May 27, 2020 at 11:36 // News
Coin Idol
Sberbank is going to install blockchain ATMs

Sberbank, Russia’s largest state-owned bank, expands and installs blockchain-based ATMs to expand contactless transactions. Thanks to the distributed ledger tech (DLT), the ATMs will provide effective, safe, secure and fast touchless transactions and also offer a significant security and performance level.

According to Izvestia, Russia’s daily newspaper, Sberbank plans to deploy 5,000 ATMs powered by blockchain throughout the country. Sberbank, which has 75,000 ATMs, will purchase 5,000 blockchain ATMs through a bid of $180 mln USD. 

Investment in DLT-based infrastructures

Blockchain ATMs support various contactless payment systems such as Google Pay, Apple Pay, Samsung Pay, Mir Pay and Huawei Pay. The bank expects to deploy additional ATMs to reduce unnecessary contact with customers in the Coronavirus epidemic situation.

The bank is highly interested in distributed ledger tech innovation. Two years ago, it even helped to establish a ‘Blockchain Lab’ to develop and experiment with different blockchain technologies. 

In the fall of last year, it was the first Russian banking institution to acquire a patent for a system that converts repo (repurchase redemption) transactions into smart contracts on the blockchain, as, a world blockchain news outlet, reported. The recipe of blockchain and smart contract makes monetary contracts very transparent and secure for both the bank and the clients.

The bank wants to incorporate additional blockchain-based features that will be used by its customers when applying for loans, shopping, plus checking the stock market. The banking giant is also delving into these disruptive technologies with the intention of minimizing the use of physical credit cards.

Such a move proves that modern contactless solutions are becoming more and more applicable and are paving the way to new life-changing prospects. With the need to minimize physical contacts banks are forced to turn to fintech innovations to keep pace with the changing environment. So we might probably see even more use cases for blockchain and distributed ledger in the future, as the technology ensures security, transparency and allows people to minimize physical contacts, and therefore the risk of being infected.

Show comments(0 comments)