POS Banknote Recycler Market – Innovation in Product Technology | Technavio
LONDON–(BUSINESS WIRE)–Technavio market research analysts forecast the global POS banknote recycler market to grow at a CAGR of close to 8% during the forecast period, according to their latest report.
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Technavio analysts highlight the following three market drivers that are contributing to the growth of the global POS banknote recycler market:
- Innovation in product technology
- Increased concern regarding risks associated with cash management
- Inclination toward automation
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Innovation in product technology
The key factors driving the global POS banknote recycler market are innovations in product technology and product design. Banknote recyclers effect the efficiency of staff and business operations in retail stores. The vendors are leveraging a banknote recycling system, which allows machines to manage tasks that had to be previously relegated to cashiers. This integration shortens shifts, saves time, and redeploys cash room attendants. Automation helps cashiers to check tills back at the end of the shift, conducting till sweeps, counting and recounting money, investigating discrepancies, and reconciling till balances by using banknote recyclers. Thus, POS banknote recyclers help in reducing labor costs.
According to Shikha Kaushik, a lead analyst at Technavio for retail systems research, “The vendors are integrating their products with existing POS system which reduces cash exposure and eliminates discrepancies related to cash management. It also improves productivity, customer service, and fund efficiency. Such innovations are expected to increase the demand for POS banknote recyclers across the globe.”
Increased concern regarding risks associated with cash management
The increased concern regarding the risks associated with manual cash management drives the demand for POS banknote recyclers. While handling cash manually, the chances of cash theft are relatively high. Banknote recyclers more or less eliminate the risks associated with manual cash handling. Banknote recyclers are developed with lockable loader cassettes, note recycling facilities specifically for multiple denominations, secure cashbox, and fully linked accounting capability features.
“Repetitive tasks such as end-of-shift reconciliation, till preparation, and bank drops are reduced by incorporating banknote recyclers to points of sales. The cash in POS banknote recyclers is visible and secure. Each transaction is followed by a complete audit trail. Remote monitoring gives an instant analysis of the amount of cash generated and is driving the market growth,” says Shikha.
Inclination toward automation
The shortage of labor has led retailers to adopt automated products such as banknote recyclers that ensure speedy cash management processes. For instance, Glory Global Solutions offers the Compact Cash Recycling System CI-10 that can be integrated with the existing POS system. This enables automated cash handling, increases staff productivity, improves security, ensures quality customer service, and improves fund efficiency. It also offers the CASHINFINITY CI-300 that reduces the cash handling time and eliminates a significant proportion of manual, back-office activities. The system aids in automated cash counting, sorting, and managing of cash.
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