Coinstar Kiosk News
“Coinstar, in partnership with Coinme, has launched a pilot that allows its customers to use cash to purchase bitcoin,” Walmart communications director Molly Blakeman said. “There are 200 Coinstar kiosks located inside Walmart stores across the United States that are part of this pilot.”
Walmart shoppers who buy bitcoin at the Coinstar kiosks will be given a voucher that they must then redeem for bitcoin on Coinme — each bitcoin purchase carries a total of 11% in fees: transaction fee of 4% and a cash exchange fee of 7%, according to Coinstar. Fees to buy bitcoin vary by exchange, but at the cryptocurrency exchange undefined, for example, there’s a 2.49% transaction fee to buy bitcoin.
Ironically, Walmart shoppers cannot use U.S. coins to make bitcoin purchases at Coinstar machines — only paper money.
Coinstar to deploy kiosks at credit unions
Coinstar LLC, a provider of self-service coin counting kiosks, will install Coinstar kiosks at 100 Mountain America Credit Union locations in six states, according to a press release.
Coinstar kiosks in branches will allow members to convert their coins to cash or directly deposit into their account.
“After a successful pilot, we are excited to roll out Coinstar kiosks at our branch locations,” Erik Finch, senior vice president, chief data and strategy officer at Mountain America, said in the release. “The pilot results showed improved operational and teller labor savings, as well as an improved experience for both staff and members. In addition, we look forward to offering coin-to-deposit functionality to provide members with the ability to automatically deposit their coin balance directly into their accounts.”
Coinstar Kiosks Provides Multiple Benefits to Credit Unions
- Kiosks are serviced and maintained by Coinstar.
- Implementation does not require any service contracts or capital investment.
- Coin is picked up and handled by Coinstar; credit union employees don’t have to count, bag, or handle heavy coin bins or bags.
- Coinstar kiosks are networked to ensure optimal uptime and reporting.
- Coinstar is easy to use, highly accurate, and a trusted consumer coin-counting brand.