COINS & NOTE HANDLING COINS NOTE HANDLI NG


You can still ban k on cash


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The steadymove towards digital or cashless payments is impacting the


vending industry, but let’s not rule cash out too soon as there is evidence that almost threemillion people in the UK are entirely reliant on cash whilemanymore use a combinatio n of payment s.


We’ve had many regular commentators tell VI in this year that the future of vending is in cashless, contactless and other forms of digital payment such as ApplePay or Android Pay or even cryptocurrency.


DIGITAL ONSLAUGHT


Even the Treasury’s call for evidence on Digital and Cashless Payments earlier t his year suggested there had been a marked decrease in the number of cash payments with digital technology revolutionising the way people shop, sell and save.


It revealed that cash had fallen from being 62 per cent of all payments by volume in 2006, to 40 per cent in 2016, and it is predicted to fall further to 21 per cent by 2026.


At the same time, digital payments are shown to be growing rapidly with monthly contactless payments rising by nearly 20 times in three years to June 2017, and two thirds of people making more digital payments than they did five years ago.


include consumers’ convenience, flexibility, a way to u get, and the elimination of the need to carry a pocket full of change. Then throw in the Bank of England’s new coins and banknotes introduced in the last couple of years and you have an added hurdle machines.


The benefits of digital payments are widely acknowledged to b d


According to the for cash in vending


In addition, AT million.


Automatic Vending Association (AV ATMs, vending machines and self-se AVA), the VA introduction of the new pound coin cost the vending industry £32


needed to undergo a costly recalibration to be abl new smaller £5 and £10 banknotes .


TWO SIDES TO THE COIN


From all the above, it does seem that pressure is mounting on coins and notes, but are we forecasting a cashless society and by association cashless vending machines a little too soon?


According to Su zohapp UK sales manager, Nic k Norris, vending 26 | vendinginternational-online.com


e to accept the rvice machines


machines in the UK still generally have a coin payment system installed and coins are still the most frequently used method of payment in most locations.


Even if cash usage is declining, what many people don’t realise is just how much cash is in circulation and how many people rely on it as an essential part of their daily lives which includes occasional visits to vending machines.


Across the UK, 2.7 million people are entirely reliant on cash and a further 45 million use some combination of payment methods, according to The UK Payments Market Summary 2017. AT


Add to that the average ATM withdrawal rose to a record level in 2017 (The UK Cash & Machines Summary 2017) while £13 billion was made in cash payments in the UK (The UK Payment Markets Summary 2018).


That might be why the Bank of England chief cashier Victoria Cleland’s is quoted as saying “cash is not in decline, there's strong demand for cash and expect that to go into the future”.


INNOVA TION IN COIN & NOTE HAND LING


Managing director of Cummins Allison, Andy Crowson, says what’s never been in dispute is that cash remains highly popular for small payments and there is a general recognition that small, cash intensive businesses prefer accepting cash over card because of the low processing costs and ease of using of cash.


“Processing substantial amounts of currency each month is a fact of life for small and cash intensive businesses today and well into the future. Consequently cashing- up processes should be easy, efficient and accurate, saving time and money.”


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Cumm ins Allison provides note and coin counting machines, lik e the JetScan® 150 note scanner and JetSort® 1000 coin counter and sorter, said to have proven track records of dependability, durability and affffordability and will convert processes that traditionally took hours of valuable staffff time into minutes, with higher accuracy and accountability.


Anoth er example of innovation in coi n and note handling i s


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