Smartphone ATM
ATMs are almost afterthoughts, with almost 500,000 such devices in the US and millions world-wide (the one shown in Fig. 5 is one of two at McMurdo Station in Antarctica) and out-of-network fees actually declining over the last two years. But in South Korea, ATM look-alikes now serve a different purpose, and one that used to force consumers to have a face-to-face with a carrier employee, something the COVID-19 pandemic has made far more unsafe. The ATM look-alike in Fig. 6, is owned by Mintit (pvt), and is a device in which you insert your old smartphone, and through AI based hardware and software, the kiosk evaluates your phone and in 3 minutes, you get a value that the machine is willing to pay you for your old phone, based on its evaluation of physical wear and tear and a variety of evaluations the AI does on the integrity of the total device. At that point you have the choice of accepting the offer and being paid in cash immediately, or donating the phone and/or proceeds to Save the Children.
Surveys have indicated that while 78.1% of users had never used such a device for making a used phone transaction, 83.5% of users were ‘very satisfied’, ‘satisfied’, or somewhat satisfied’ with the system and 84% said they would be using the system again in the future. The Mintit ATM won a Red Dot award in Berlin in 2019 for its design and also scored high for creativity and user experience, both simplifying the typical physical negotiation over the value of used smartphones and giving the option for donation. The Mintit ATM were launched in August of 2019 and now number ~6,000 across South Korea, primarily in major e-marts or home goods stores, and even in the first year of operation were collecting over 10,000 used phones each month, rather than have them sit in a drawer for many years. 3Q unit collection topped 322,000 units with 4Q expected to be up an additional 4%b bringing the full year total to over a million units collected.
The system does guarantee a minimum price and offers a certificate that guarantees that all personal data is removed from the phone. Most recovered phones wind up overseas, while those with low residual value are recycled properly, rather than being thrown in with regular trash. The company now has a 10% share of the smartphone recycling market in Korea, through its partnership with Kumkang Systems (014280.KS), who produce the units, and SK Networks (001740.KS), part of the vast SK Group (pvt) conglomerate that includes SK Telecom (SKM), that re-distributes the used phones across its global network. Not quite the old ATMs we are used to, but an application that seems to work.
Surveys have indicated that while 78.1% of users had never used such a device for making a used phone transaction, 83.5% of users were ‘very satisfied’, ‘satisfied’, or somewhat satisfied’ with the system and 84% said they would be using the system again in the future. The Mintit ATM won a Red Dot award in Berlin in 2019 for its design and also scored high for creativity and user experience, both simplifying the typical physical negotiation over the value of used smartphones and giving the option for donation. The Mintit ATM were launched in August of 2019 and now number ~6,000 across South Korea, primarily in major e-marts or home goods stores, and even in the first year of operation were collecting over 10,000 used phones each month, rather than have them sit in a drawer for many years. 3Q unit collection topped 322,000 units with 4Q expected to be up an additional 4%b bringing the full year total to over a million units collected.
The system does guarantee a minimum price and offers a certificate that guarantees that all personal data is removed from the phone. Most recovered phones wind up overseas, while those with low residual value are recycled properly, rather than being thrown in with regular trash. The company now has a 10% share of the smartphone recycling market in Korea, through its partnership with Kumkang Systems (014280.KS), who produce the units, and SK Networks (001740.KS), part of the vast SK Group (pvt) conglomerate that includes SK Telecom (SKM), that re-distributes the used phones across its global network. Not quite the old ATMs we are used to, but an application that seems to work.
Wells Fargo ATM in Antarctica - Source: Wells Fargo
Mintit Smartphone ATM - Source: Hankyoreh
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