Cash handling is an ever-evolving world wherein constant innovation and progression is a necessity for positive performance. Andy Bullock, business development manager at Innovative Technology, takes stock of this.
The market is all change at present, and the options available to operators have never been greater. New currencies entering the UK market have heralded a sea change for the coin op sector where coin-mech, TITO, and cashless conversions have all seen a rise, and this increase in demand has been met by an increase in cutting-edge products supplied by manufacturers.
The current rise in cashless payments both in terms of frequency of use and technological innovations is a stark reminder of the constant flow of change. As much as it will be embraced by operators looking to diversify options and future proof, it is not yet the dominant force it may well seem. “Whilst the rise in contactless payment is undeniable, cash is still king and will remain so for some time around the world, especially in our sector. Cash remains prevalent in casinos and arcades, but we cannot stay still and are always investigating new technologies to stay at the forefront of the industry,” commented Andy Bullock, business development manager at Innovative Technology.
Standing as a testament to the importance of current currencies in the market, Bullock added that recent mints and proposed polymers have had a marked effect on all stages of the supply chain.
“New currency introductions are always costly for the industry and no sooner has everyone altered their units to accept the new currencies they have to update again to remove the old currencies as they are withdrawn from circulation.”
It has of course not all been bad news for businesses, for whilst increased security has come hand in hand with increased cost, recent currency additions have represented a timely opportunity for operator to upgrade to the lastest cash handling models, easing current burdens and future proofing for further changes.
In addition to upgrading for new currencies Bullock noted the popularity of TITO systems as a key market driver. Innovative’s modular approach to cash handling equipment in this regard has allowed operators to benefit from note recycling or ticket printing to be added to a validator for increased functionality and effective cash management. These additional capabilities can in turn drive growth in premises as operators can maximise their cash handling and provide convenient payment alternatives for customers, whilst maintaining the utmost cash security.
“Our spectral technology is truly revolutionary, providing full banknote image capture for unrivalled genuine note detection. We will look to implement this technology into more of our products in the future to bring this market leading imaging technology to the amusement sector too,” commented Bullock.