Before COVID-19, the banking industry appeared to be deaf to this type of service as customer checks were kept for days and overdraft fees were close to $ 40. With the current pandemic, FinTech companies have a unique opportunity to shine as the next “McMoney” for America when it comes to quick service with a smile.
As the national banks announced last week that they were unwilling to offer the US government payment protection program loan, which is designed to provide economic relief during COVID-19, so is the opportunity to improve the customer experience with access to money big as never before.
At least that's hope, especially for the crypto industry. Even the idea of using a Bitcoin ATM may be less of a novelty than a necessity when looking for cash. With the top ten Bitcoin hotspots, San Francisco, Tampa and New York are among the top ten US cities where Bitcoin ATMs are available and Bitcoin acceptance by merchants is high. This is why this cryptocurrency is also used for purchases. The crisis with declining equity portfolios could also increase.
The recent idea of the digital dollar in a Congress Bill for Business Stimulus, still included in two separate, separate bills, includes setting up digital identities at US Post and offering ATMs for citizens to access these emergency resources. A partner who has the sophistication and know-how to provide an ATM that provides both digital money and cash could suddenly become vitally important for citizens who may not have bank details or have no internet access Access to digital money.
Daniel Polotsky, the CEO of CoinFlip, has most of the Bitcoin ATMs in the U.S. and may be the best partner to offer this type of service to the U.S. government. With 540 Bitcoin ATMs across the country, including 40 or 50, you can also sell Bitcoin for cash that is spent on-site. When discussing the idea of offering an economic incentive in the form of a digital dollar and whether his ATMs could offer it as well as Bitcoin, he remarked: “Our ATMs could definitely do this. Banks are big and bulky with their infrastructure. "
For CoinFlip, many of whom are staying at home during this crisis, his company also allows Bitcoin to be purchased by credit card on his website and will shortly add an OTC counter to buy and sell Bitcoin by bank transfer. With a 24 hour customer service center and much lower fees than its competitors between 3.99% and 6.99%
Daniel Polotsky also strives to protect his customers when they use his ATMs. He tells them to stay six feet from the nearest customer, that their ATM servicer should wipe the ATM more often, and offers discount codes to encourage customers to go to the crowds at 7:00 p.m. or 8:00 p.m. or 9:00 p.m. to avoid. In addition, CoinFlip offers its own STIMULUS package, in which customers can also get a discount on fees.
Regardless of whether we have a new version of & # 39; Golden Arches & # 39; for quick & # 39; McMoney & # 39; seen by CoinFlip or another Bitcoin ATM company, COVID-19 has undoubtedly sparked a desire in our society to consider alternative ways of accessing and sharing and spending money.