Contactless
paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More instruments have been largely adopted in northern European countries. Unfortunately, this has resulted in many closures of local banks and ATMs in order to save costs and invest more in digital innovation. In the Netherlands, for example, banks have started removing
cashMoney in physical form such as banknotes and coins. More machines from disadvantaged neighbourhoods in an effort to reduce criminality.
Nevertheless, studies conducted in Holland demonstrate that Dutch consumers are still attached to cash and would like to keep the option to pay with
paperSee Banknote paper. More moneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More. In addition, respondents expressed a desire to have better access to cash. As a result, Dutch banks
ABN Amro, ING and Rabobank came up with the idea of creating a joint ATM network to save costs while maintaining banknotes accessible to their customers. The new network would be operated and owned by Geldservice Nederland – a joint venture set up by the three banks in 2011 to provide
logisticsThe term originates from military language and refers to the movement and provisioning of troops at war. In today’s business vocabulary, it refers to the management in particular, the transportation, storage and distribution of finished goods. More services including cash collection and distribution. The initiative is backed by De Nederlandsche Bank and would help maintain
high coverage of the ATM network in the country, currently at 99.67%. A partnership agreement should be signed by the end of the year.
The project also aims to provide customers with a safer and enhanced network ensuring identical services for all users. Indeed, consumers will be able to use the closest ATM regardless of their bank, and access similar functions and services, for example regarding cash deposits or cash withdrawal limitations. Such a system is already in place in Sweden and may well be implemented in Switzerland and in the UK.