Old-fashioned ATM meets modern-day phone recycling program. That's the idea behind EcoATM, a startup aimed to help reduce electronic waste and beef up your wallet at the same time. Of course, it's not a new concept: phone recycling programs have been around for a while now, helping you stay green by giving you some green. Trading in an old phone for the almighty dollar, however, typically involves filling out paperwork, printing labels, shipping the device to the facility and waiting for four weeks for a check. EcoATM's goal is to eliminate all of that in favor of a simple 5-minute process that ends with cash in-hand. The company has machines set up in popular shopping malls in various cities across the country, ready to help you part ways with your old device. Take a gander at a gallery and the full demonstration below.

EcoATM hands-on at CTIA E&A 2011

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Zachary Lutz contributed to this report.

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EcoATM offers instant money for your old phone, we go hands-on at CTIA E&A 2011 (video)