Despite a number of alternatives to transacting in cash that have found a footing in countries around the world, cash is still king when it comes to payments, especially smaller payments. With 85% of all transactions worldwide still done via cash, which also represents 60% of the value of all transactions, cash handling and management is more important than ever – especially in emerging markets.
G4S Deposita has carved out a significant market share in the cash handling industry and the company recently hosted a number of customers to an open day to introduce a range of new cash management products.
To show how cash handling machines have changed over the years, the company had a few of its original cash devices mixed in with the new ones. The difference is remarkable.
Hosting the day was Christo Terblanche, president of G4S Deposita international. He spoke to Hi-Tech Security Solutions about the new features and technology G4S Deposita is offering in its latest range of products, as well as the trends in global cash markets.
Terblanche says the latest range of cash handling systems sport new designs and cater to a number of demands the company has seen on the horizon, namely improved and increased functionality in each machine, improved security, improved accessibility and the ability to integrate with more applications and functionality from third parties. He adds that people want more than a safe for their cash handling and management needs these days.
Among the specific changes in the new systems is that they are now multi-functional devices which still handle cash (notes and coins, depending on which product you select), but are also geared to accept newer forms of payments via cards or NFC (for mobile payments). A Windows operating system layer has been added to G4S’s operating system to allow third-party applications to run on the machines.
The integration with other applications will provide a richer environment for customers in vertical markets to extract the optimal value from their G4S systems by adding additional software functionality tailored for their specific requirements.
The ability to process third-party payment solutions (such as M-Pesa payments in Kenya) are already supported and more can be added. Not only will the systems support front-end integration, but transactions can also be integrated into accounting and other financial applications on the back-end.
These additions to the traditional cash handling machines will allow more of the traditionally unbanked, those excluded from the formal economy, to participate using the systems they are familiar with – such as mobile payments. Certain products will allow users to upload cash to their mobile devices and use their phones to pay for goods and services, similar to an ATM.
Summing up, Terblanche explains the new technology available to clients is smarter, faster and more competitive than previous versions, and it is able to coexist and work with many more payment instruments than ever before. The improved functionality is about efficiency and an optimal customer experience in the 25 countries in which G4S Deposita operates.
For more information, contact G4S Deposita, +27 11 729 3300, www.g4s-deposita.co.za
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