OKI Ready to Deploy Thousands of Cash Recycling ATMs in India, China

OKI, a leading Japanese manufacturer, has announced the launch of its Bitcoin Teller Machine, to be deployed in China and India, but not in Japan.

Founded in 1881, Oki Electric Industry is a Japanese electronics company that manufactured Japan’s first telephone which launched the same year. Now present in over 120 countries, the company specializes in the manufacture of info-telecom equipment, printers, and mechatronic solutions (including ATMs).

R-G8, Bitcoin ATM and Cash Recycler

OKI is the first company in the world to start developing cash recycling ATMs (1982). Since then, the company has launched seven generations of cash recycling ATMs, four models among which are for retail markets.

Earlier this month, OKI launched the eighth generation, the Recycler G8, the first line of Bitcoin ATM-recyclers to further expand its mechatronics business overseas.

Over the next five years, the company plans to deploy no less than 150,000 units of RG8 in emerging markets where there are big opportunities for growth, in South and Southeast Asia, mainly targeting the Chinese and Indian booming markets of cryptocurrencies.

“The very large volume of cash circulating in emerging markets,” said OKI in the press release, “has generated demand for increased efficiency in teller operations at financial institutions.”

Users can link their Bitcoin e-wallets to the BTC-ATM and withdraw cash on their local currencies depending on the price of Bitcoin. In the future, these cash-recyclers would enable payment of invoices sent via smartphone and other features as well according to the country in which they are installed.

OKI’s Big Fintech Plans for Asia, Except Japan

The company hasn’t revealed where it intends to install the new cash recyclers, but usually, as it is the case with previous models, RG8 machines would be installed in busy areas with high foot traffic, such as airports and commercial centers.

The company has integrated use of AI, as the system allows for the integration of future services related to FinTech using these new, IoT-related technologies. Cash recycling ATMs help customers to efficiently manage their finances with the automated system of deposits, withdrawals, conversions to and from cryptocurrencies, and management of accounts.

OKI, which already operates RG7 cash recyclers in Japan, has no plans for Bitcoin cash recyclers in the Japanese market, as the demand for Bitcoin among Japanese customers and financial institutions is still timid compared to other countries in Asia and the world.