Company News • 14.11.2021

INTEGRATING CASH with digital channels

COVID-19 raised safety concerns over cash handling, but those fears dissipated as the pandemic dragged on

By October 2020, cash had rebounded and reasserted itself as “the top way to make a purchase throughout 2020,” according to a report by Javelin Strategy & Research for ATM operator Cardtronics.

Logo: APG Cash Drawer

APG Cash Drawer

4 The Drove
BN9 0LA Newhaven
A woman taking notes in a gastronomy, another typing on a touch screen...
Source: Cashdrawer

The report, “The Health of Cash and its Role Expanding the Global Economy,” says cash had rebounded to 73% of usage as of October, widening its lead over other payment methods and confirming that consumers still prefer hard currency for a lot of purchases. That preference, the report asserts, extends beyond physical purchases to digital transactions.

The problem for cash users is that digital platforms typically do not accept cash payments. But they should, the report argues. Substantial numbers of consumers still want to pay with cash when picking up in store (19%), ordering food for pickup (28%), and for personal services (31%).

ATM modernization

How are merchants supposed to accept cash for digital purchases? On the surface, these are incongruent activities but Javelin argues technology exists to integrate cash payments with digital platforms. The answer lies in the ubiquitous ATM, which can play a fundamental role in integrating cash with digital commerce.

“The future of cash is for consumers to walk to an ATM to make a deposit, with the person or business on the receiving end having immediate access to the funds, with no bank account required on either end of the transaction,” the Javelin report says. “Although this scenario seemed foreign five years ago when cardless ATM usage first started to make its way into the United States, the ability to use cash digitally will enhance the economy in the next two years.”

For this approach to work, two things must happen:

  • Modernization of ATM networks to enable payments for digital transactions
  • Adoption by merchants with digital commerce platforms of cash as a payment option
ATM hand-with-cash
Source: Cashdrawer

Javelin says ATMs can be enabled to accept cash payments and deliver real-time credits to sellers or banks when payments are made. This also would mean giving users cardless access to ATMs, and instead using near field communications (NFC), QR codes, or one-time verification codes. Major banks such as Chase, Wells Fargo, and Bank of America have started piloting these technologies.

Meanwhile, merchants need to start accepting cash for digital purchases, Javelin says. For consumers who now hesitate to make purchases digitally – or forgo them altogether – because they don’t want to share payment card or bank account information, the option to pay with cash would prove a strong incentive.

Some digital platforms already use cash in a limited way. For instance, Grubhub gives customers an option to pay with cash, as does Uber Eats. This involves handing money to delivery drivers and requires participation from willing restaurants, but it’s an acknowledgement of the importance of cash.

“Even through a pandemic,” the Javelin report says, “cash remained the top way for consumers to make purchases, underlying its resiliency as a payment method. Cash and digital can support each other by enabling the free flow of money into and out of the physical and digital economies, allowing consumers of all backgrounds and means to pay how and when they want, anywhere they want, for anything they want, whether around the corner or around the globe.”

related articles:

popular articles:

Thumbnail-Photo: Citizen Systems launches Lightning interface for POS printers...
15.06.2021   #printers #label printers

Citizen Systems launches Lightning interface for POS printers

Control your POS station from your POS printer

In an ever-growing and vast market diversifying interface options for POS printers is imperative in order to keep up with the latest POS technology. New POS technology not only ensures streamlined processes but also that hardware and software can ...

Thumbnail-Photo: E-Commerce Berlin Expo
10.09.2021   #online trading #e-commerce

E-Commerce Berlin Expo

09.02.2022 | Station, Berlin

Every single year, this pure-play e-commerce event attracts more than 10,000 international visitors and over 200 exhibitors. Every February, more than 50 speakers gather in Berlin to share their e-commerce knowledge. In the e-commerce industry, the ...

Thumbnail-Photo: Plantorama: new concept focuses on sustainability...
16.07.2021   #digitization #sustainability

Plantorama: new concept focuses on sustainability

Installation of electronic price tags in garden and animal center chain

Plantorama, Denmark's largest garden and animal center chain, has opened two new sustainable centers under a modern concept, which in addition to everything for gardens, housing and animals, also offers electronic price tags as well as a ...

Thumbnail-Photo: Arvato Supply Chain Solutions in Poland starts cooperation with Sephora...
11.06.2021   #brick and mortar retail #digitization

Arvato Supply Chain Solutions in Poland starts cooperation with Sephora

Plewiska/Poland - Arvato Supply Chain Solutions is expanding its cooperation with the cosmetics company Sephora. In April 2021, the company therefore commissioned a new distribution center to support its e-commerce and B2B business in Pruszków, Poland.

The new warehouse covers an area of 7,000 square meters, making it almost 2,000 square meters larger than the previous one. One of the innovative solutions used here for Sephora is self-driving vehicles called Weasels®, which automate transport ...

Thumbnail-Photo: ISE 2022 – Integrated Systems Europe: The world’s leading AV and...
20.09.2021   #digital signage #event

ISE 2022 – Integrated Systems Europe: The world’s leading AV and systems integration exhibition

01.02. - 04.02.2022 | FIRA Barcelona

Integrated Systems Europe is the world’s leading AV and systems integration exhibition. ISE 2022 will on 1-4 February 2022 showcase the world’s leading technology innovators and solutions providers. In addition we will see five days of ...

Thumbnail-Photo: POS There is potential in every carton
30.08.2021   #POS marketing #shop equipment

POS There is potential in every carton

POS TUNING's latest product idea turns trays into real eye-catchers

How do you get the maximum presentation out of a simple cardboard tray on the shelf? This is the question that POS TUNING has been trying to answer.The point of sale is where the buying decision is made. Here, within a few seconds, an incentive to ...

Thumbnail-Photo: 4 applications of AR and VR that can transform your retail sales...
19.07.2021   #sales promotion #product presentation

4 applications of AR and VR that can transform your retail sales

Enhanced reality applications for sales promotions and product marketing

Changes in your marketing strategy or adaptation of new technologies can serve as a boost to your sales. Customers value innovative or immersive product presentations. Augmented reality (AR) and virtual reality (VR) are the ...

Thumbnail-Photo: In the age of online shopping, shoplifting has gone digital...
26.07.2021   #security #data transfer

In the age of online shopping, shoplifting has gone digital

Popularity of online shops on the rise, and with it the number of digital fraud cases

The pandemic has forced shoppers to dramatically alter their behaviour. In no sector is this more obvious than in food shopping. ...

Thumbnail-Photo: Former CEO CCV Deutschland Reinhard R. Blum to retire...
27.08.2021   #brick and mortar retail #mobile payment

Former CEO CCV Deutschland Reinhard R. Blum to retire

Reinhard Blum will continue to be involved in dedicated projects of CCV GmbH as an external consultant.

Following a long career in technology leadership, Reinhard Blum, one of the pioneers of the German payment industry, retires as of 31 August this year. Blum, a founding member of EL-ME GmbH, which merged with the Netherlands-based CCV Group B.V. in ...

Thumbnail-Photo: Customer experience (CX) technology sets a new baseline ......
01.10.2021   #customer satisfaction #digital marketing

Customer experience (CX) technology sets a new baseline ...

... but still struggles to satisfy many, finds NTT’s research

NTT Ltd. released the 2021 edition of the Global Customer Experience Benchmarking Report (GCXBR), its annual survey assessing the global state of play for CX.Now in its 24th year, the latest GCXBR arrives at an important juncture to help ...


POS TUNING Udo Voßhenrich GmbH & Co KG
POS TUNING Udo Voßhenrich GmbH & Co KG
Am Zubringer 8
32107 Bad Salzuflen
Reflexis Systems GmbH
Reflexis Systems GmbH
Kokkolastr. 5-7
40882 Ratingen
Gewerbering 1
84072 Au i.d.Hallertau
SALTO Systems GmbH
SALTO Systems GmbH
Schwelmer Str. 245
42389 Wuppertal
iXtenso - retail trends
iXtenso - retail trends
Celsiusstraße 43
53125 Bonn
Citizen Systems Europe GmbH
Citizen Systems Europe GmbH
Otto-Hirsch-Brücken 17
70329 Stuttgart
Stockumer Kirchstraße 61
40474 Düsseldorf
Delfi Technologies GmbH
Delfi Technologies GmbH
Landgraben 75
24232 Schönkirchen