Australian Bitcoin ATM maker Diamond Circle Pty Ltd. has launched its first live cashless Bitcoin machine in the state of Queensland, Australia. The machine neither accepts nor dispenses banknotes. Instead, the account opening process involves purchasing an NFC-enabled Bitcoin debit card for 5 Australian dollars ($4.36).

While purchasing a Bitcoin card, Diamond Circle ATM users can also purchase bitcoins to put in it using a credit card. Additionally, the machine also allows returning customers to top up a card or check their currency balance in less than 5 seconds, according to a company news release.

The Diamond Circle Bitcoin Debit Cards are linked to a credit card at local exchange rates for instant purchases everywhere, and the process is convenient for both the general public and thrifty travelers who want to exchange currency only once, Diamond Circle said.

For the operator, the fact that the machine only supports Visa and MasterCard for Bitcoin purchases means reduced security threats and cash holding costs — thus increasing margins and ongoing residual payments to distributors and owner-operators, the company said.

Depending on the quantity purchased, Diamond Circle Bitcoin ATMs sell for $10,168-$11,748 in Australian dollars ($8,848–$10,245).

The operator earns income for every fiat-to-Bitcoin and Bitcoin-to-fiat transaction conducted at the machine, at a merchant POS, or at the Diamond Circle online exchange. 

An additional feature for money transfers is in the works, which will allow ATM users to send bitcoins to any recipient via SMS.

According to the release, DC now plans to begin work on point-of-sale applications that will allow purchases, as well as Bitcoin buying, selling and balance-checking via a range of NFC-enabled devices such as Android phones, online gateways and corporate wallets.