Global POS Banknote Recycler Market 2017-2021
About POS Banknote Recycler
A cash recycler is a machine that handles tasks like accepting and dispensing cash. It stores money, keeps an accurate account of cash-in-hand, and automates the cash cycle. The POS banknote recycler is designed to handle cash in an organized manner with increased security and cash management benefits. In the retail industry, POS banknote recyclers are used in self-checkout terminals. The market is segmented based on offline and online distribution channel.
Technavio’s analysts forecast the global POS banknote recycler market to grow at a CAGR of 7.51% during the period 2017-2021.
Covered in this report
The report covers the present scenario and the growth prospects of the global POS banknote recycler market for 2017-2021. The report presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global POS Banknote Recycler Market 2017-2021
Technavio recognizes the following companies as the key players in the global POS banknote recycler market: ARCA, Crane, Diebold Nixdorf, and Glory Global Solutions.
Other Prominent Vendors in the market are: Cash Phenix, CI Tech Components, Currency Tech, Innovative Technology, JCM Global, MELLON GROUP OF COMPANIES, and SUZOHAPP.
Commenting on the report, an analyst from Technavio’s team said: “One trend in the market is growing self-checkout terminals market. Technological innovations in retail industries across the globe influence retailers to opt for self-checkout terminals. Technological innovations in the retail sector are expected to drive the global POS banknote recycler market's growth in the future. Self-checkout terminals ensure a high degree of customer satisfaction.”
According to the report, one driver in the market is innovation in product technology. Innovations in product technology and product design are the key drivers of the global POS banknote recycler market. Banknote recyclers impact the efficiency of staff and business operations in retail stores. By leveraging a banknote recycling system, tasks that had to be previously relegated to cashiers can now be managed by machines. This saves time, shortens shifts, and redeploys cash room attendants. Checking tills out to cashiers, checking tills back at the end of the shift, conducting till sweeps, investigating discrepancies, counting and recounting money, and reconciling till balances can be automated using banknote recyclers.
Further, the report states that one challenge in the market is increase in adoption of cashless payment options. There is an increase in the adoption of cashless payments options or cashless transactions across the globe. There are multiple apps that facilitate cashless payments through banking transactions. Such payments can also be routed through debit or credit cards. Some of the mobile wallets use cash, which is routed to the merchants. Apps such as PayPal use QR codes that are generated for each bill or each merchant. This mode of payment eliminates or reduces the need for physical cash transactions.
ARCA, Crane, Diebold Nixdorf, Glory Global Solutions, Cash Phenix, CI Tech Components, Currency Tech, Innovative Technology, JCM Global, MELLON GROUP OF COMPANIES, and SUZOHAPP.