The debate on "Is Cash Still King" has been stretched over the past decade but it appears that material cash is still here to stay. It's ridiculous to impatiently rule out cash today because even before the cashless society begins to take off, most people forget about the accountability of cold hard cash.
Cash Guard explains the value of cash in brevity; if cash was dead, banks wouldn't bother renewing them. While it is true that cash may face a decline due to the rising competition of electronic payments and mobile wallets, the fact remains that society cannot abandon cash just yet due to financial, political and cultural reasons.
For example, in China, shadow banking plays an important role in the future health of China's banking system as it contributed to 55 percent of China's GDP at the end of 2012 at an estimated amount of RMB29 trillion according to Moody's Reports.
Although it may seem cynical, the realistic nature of t has room for cash to progressively evolve but not necessarily through eradication of money.
However, there is definitely a need for handling and managing money through cash automation which in turn provide solutions for convenience stores; supermarkets, banks, casinos and etc.
For example, the Marina Bay Sands Casino in Singapore engages the use of Quickjack 2 developed by NRT Technologies for enhanced operability and efficiency. The self service kiosk validates the identity of the patron; display a payment option, processes cash, debit or credit and eventually confirms the transaction status to a host system.
Cash automation services provide more than just convenience; they are also security measures to limit criminal behaviour through advanced security systems that provides more efficiency and prevents human error in accountability.
In any case, cash is still here to stay because the reliance on such technology is still in demand and what more if Singapore in this case is banking on the potential growth of its gaming industry still in its infancy stage.
Interested to engage in more of such discussions and debates? Then join us at the inaugural The Cash Handling Show Asia 2014, one of the 8 co-located tradeshows alongside the 19th Cards & Payments Asia 2014. The show aims to be the leading marketplace and ideas exchange for Asia's banks, retailers, casinos, government and all cash intensive businesses – who are looking for innovative ways to improve efficiencies in managing, transporting and securing cash.
This is a guest post by Hanis Jazil
[Image: flyinslugs - Flickr]