What's Hyosung?

Hyosung (KRX: 004800) is a South Korean conglomerate headquartered in Seoul, in operation for 51 years since 1966. It has been one of the most prominent companies in Korea with involvement in construction, IT, chemical and industrial machinery and ATM machines. Among the largest ATM machine manufacturers in the world, Hyosung is a KRX 100 company listed alongside the likes of Hyundai, Samsung and LG.

What's The News?

With a reputation for being an innovator in ATM machine manufacturing, Hyosung has announced plans to add bitcoin transaction support from the use of a new software, Just Cash. Users of Hyosung ATM machines will soon be able to purchase bitcoin at the push of a button. The Just Cash software is supported by WinCE 6.0, application version V06.01.30 (released on 10/09/17).

Features Of Just Cash Include

Customer Features:

Benefits To ATM Operator:

  • Make your ATM a destination for a new set of customers
  • Easy to implement
  • No hardware required
  • New revenue stream
  • More exposure to your ATM location from the ATM locator
  • Turn Bitcoin buyers into repeat customers
  • Cryptocurrencies currently supported: Bitcoin

Financial Consideration:

  • ATM operators earn revenue on every cryptocurrency transaction settled directly into their bank account.

Further features such as ability to redeem cryptocurrency for cash, eliminating the need for a physical wallet and/or additional cards and support for Ethereum are in the pipeline.

In addition to their domestic dominance in Korea, Hyosung ATMs are highly visible at a global level as well. Instead of partnering with banks or financial institutions, Hyosung deploys ATMs at gas stations and convenience stores with owners of the operations deriving income from ATM fees.

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