Aug 10, 2012
On-site retail cash recycling a growing trendBack
Johannesburg|Africa|Global Payment Technologies|Safety|System|Systems|Africa|South Africa|Displayed Several International Cash Movement Technologies|Retail Outlets|Systems|Infrastructure|Currency|Operations|Cash Movement Technologies
© Reuse this
In the past, all notes had to be sent to the Reserve Bank for the sorting and destruction of unfit notes.
“However, banks, retailers and businesses will have to sort currency for fitness in-house, send damaged currency to the Reserve Bank and reuse the cash that it has, either by sending it to where it is needed in a local area and reducing the distance the money must travel, or reusing it on-site after it has been sorted and reconciled for accounting purposes,” he said at the GPT cash movement conference in July.
The showcase displayed several international cash movement technologies, such as automated transport of medical samples and cash along tubes, as well as money verification and sorting technologies.
There is a trend among retailers and banks to turn tills and pay points into safe deposit and withdrawal points, where money in the till is kept to a minimum and deposited money is automatically counted, verified, reconciled and deposited into a category-four safe on the premises, he said.
From these recycling safes, money can then be sent to nearby automatic teller machines (ATMs), till floats can be dispensed directly to cashiers when they come on shift, or if two or more share a till, separate floats can be used. Money can also be withdrawn by individuals or sent to the banks, as required.
“An example of such a system in South Africa is East Gate retail mall, in Johannesburg, where pneumatic tubes transport cash from stores to an underground vault, from where it is used to refill ATMs on the premises, or sent to the banks. Legislation for standards and specifications will enable easier integration of these systems among different companies.”
However, companies must select the cash movement and handling technology that best suit their processes, he specified.
Cash recycling also improves the safety of patrons by reducing the movement of money in and out of stores and shopping centres. It also improves reconciliation by checking notes received for secu- rity features and enables safe deposits to be made from the tills, he said.
“The localised use of money reduces the distance and volume of cash in transportation. It also improves distribution. However, this will mean that retailers, as well as the banking and business sectors, will have to resort to technology to sort cash received for fitness before it is dispensed.
“New systems are increasingly being implemented worldwide. Some of these will enable retailers to use new technologies, such as near-field control on smart devices that can securely be used as an electronic wallet, further reducing the need to move cash. Banks and industry must invest in the infrastructure needed to support these systems in the future,” concluded Kelly.
Edited by: Creamer Media Reporter© Reuse this Comment Guidelines (150 word limit)
Other Video News
Recent Research Reports
Steel 2015: A review of South Africa's steel sector (PDF Report)
Creamer Media’s Steel 2015 report provides an overview of the key developments in the global steel industry and particularly of South Africa’s steel sector over the past year, including details of production and consumption, as well as the country's primary carbon...
Projects in Progress 2015 - First Edition (PDF Report)
In fact, this edition of Creamer Media’s Projects in Progress 2015 supplement tracks developments taking place under the Renewable Energy Independent Power Producer Procurement Programme, which has had four bidding rounds. It appears to remain a shining light on the...
Electricity 2015: A review of South Africa's electricity sector (PDF Report)
Creamer Media’s Electricity 2015 report provides an overview of State-owned power utility Eskom and independent power producers, as well as electricity planning, transmission, distribution and the theft thereof, besides other issues.
Construction 2015: A review of South Africa’s construction sector (PDF Report)
Creamer Media’s Construction 2015 Report examines South Africa’s construction industry over the past 12 months. The report provides insight into the business environment; the key participants in the sector; local construction demand; geographic diversification;...
Liquid Fuels 2014 - A review of South Africa's Liquid Fuels sector (PDF Report)
Creamer Media’s Liquid Fuels 2014 Report examines these issues, focusing on the business environment, oil and gas exploration, the country’s feedstock supplies, the development of South Africa’s biofuels industry, fuel pricing, competition in the sector, the...
Water 2014: A review of South Africa's water sector (PDF Report)
Creamer Media’s Water 2014 report considers the aforementioned issues, not only in the South African context, but also in the African and global context, and examines the issues of water and sanitation, water quality and the demand for water, among others.
This Week's Magazine
Today’s organisations execute projects within increasingly complex environments – particularly in the engineering sector. The ability to successfully execute these projects is what drives the realisation of successful projects and, ultimately, the achievement of...
South Africa’s distribution grid is a twentieth-century relic, which must be changed to serve the country’s modern electricity needs, says South African National Energy Development Institute (Sanedi) Smart Grid Programme manager Dr Minnesh Bipath. “What we are...
There is a disparity in government funding provided to integrated transport networks – bus rapid transit (BRT) networks ¬¬– and that given to conventional bus services, says Putco executive director Thys Heyns. “We have neglected and strangled conventional bus...
The Johannesburg Social Housing Company (Joshco) is building 502 rental housing units, valued at R200-million, in Dobsonville, Soweto, which are scheduled for completion in June 2016.
Automotive component manufacturer and distributor Metair is centralising its research and development (R&D) work in Turkey, in an attempt to bolster the company’s ability to produce affordable start/stop batteries. The new R&D centre is part of an expansion plan in...