According to the Retail Cash Automation 2020 study authored by strategic research and consulting company RBR, GLORY retained its position in the global market for retail cash recycling solutions with 32% market share (excluding Japan) in 2019.Fintech News
Glory manufactures a range of CASHINFINITYTM cash recycling solutions which remove the need for staff to touch cash and maintain social distancing at the point of payment. The range supports all retail segments and footprints from convenience stores and quick service restaurants through specialist retailers to large format stores and hypermarkets. Handling both notes and coins, the CASHINFINITY range include CI-5, CI-10 and CI-50 for the point of sale and CI-100, CI-200 and CI-300 for the back office, together with supporting software and consulting services.
Paul Race, Vice President of Strategic Marketing at Glory said, “We are delighted this independent study confirms that retailers around the world continue to recognise the value of our retail cash automation solutions. Over the past several months, the retail industry has been experiencing huge challenges. The COVID-19 pandemic has changed expectations of consumers and retail staff as well as new guidelines from governments. More and more we are talking to customers about how our cash recycling solutions support social distancing at the point of sale and enable retailers to implement contactless cash payment in their stores.”
While cash acceptance solutions have been deployed for many years, more and more retailers are seeing the performance benefits provided by cash recyclers. Beyond the current demands for social distancing, these include: reduced time for float preparation and end of day cash reconciliation, reduced cash shrinkage, enhanced counterfeit detection and optimised cash collection / delivery scheduling all supported by Glory’s long tradition of quality.
Race went on to say, “For many people around the world, cash remains their only option for making payments, for others it is a choice. The ongoing impact of the COVID-19 pandemic is resulting in increasing levels of unemployment in many countries which will inevitably lead to more consumers relying on cash to help with household budgeting. As retailers re-open their stores it is critical that they continue to serve as many customers as possible however they choose to pay.”
As retailers adjust store operations to operate in the new world of COVID-19, the cash automation sector and cash recycling solutions in particular offer significant opportunity to businesses: they accelerate cash payments reducing queue build-up, enable social distancing to reduce risks to staff at the point of payment and ensure retailers can continue to serve all segments of society including the most vulnerable who are dependent on the ability to pay using cash.
RBR’s Retail Cash Automation 2020 is a new study exploring the growing market for retail cash automation technologies worldwide. The study has complete global coverage, with analysis of 26 country markets, providing market sizes and supplier shares for cash acceptors and recyclers, deployed in the back office and at the point of sale, alongside key insights and the industry’s first independent forecasts.