Coinstar-like ATM machine dishes out cash for your old handsets

You've heard about all those trade-in programs that certain wireless carriers and manufacturers offer that provides you a credit towards a new phone for you old handsets. One start up company took the idea and integrates it similarly to what a Coinstar machine offers in many local nearby stores – you put in your spare change and it gives you actual bills for it. Mark Bowles, Michael Librizzi, and Pieter Van Rooyen concocted the idea behind their ecoATM which aims solve handset owners who cling to old phones they no longer need by providing upfront cash for them – at the same time, they're helping out the planet by providing a recycling hub for phone users. Basically the ecoATM scans the contents of a phone and uses its camera to inspect the LCD screen for scratches , checks for missing keys, and determines if it has any monetary value on the second market. Additionally the kiosk will erase all data on the phone so that people won't have to worry about the possibility of identity theft. So far the ecoATM is being tested in certain markets where the average payment for cell phones dropped off clocked in at $20. We definitely have to say that this is an interesting service that the kiosk offer – something that can benefit both consumers and the environment.

source: Reuters via Textually