Published by Wanda Rich
Posted on September 24, 2021
Market players operating in the cash logistics space have been adopting different strategies to offer innovative solutions, enable convenience to customers, expand its presence, and achieve growth. Among different strategies adopted by them, investments and partnerships are prime strategies to consolidate their portfolio and add value to their customers. From investing to increase number of ATMs across the country to providing in-store digital cash management service, innovative solutions have been deployed by taking convenience and efficiency into consideration. In addition, banks have been collaborating to make cash deposit kiosks and branch networks available for customers. These strategies have been helping market players in expanding its footprint across various regions and increase their revenues by availing resources. As innovative services continue to emerge, the market for cash logistics would grow significantly over the next few years. According to the report published by Allied Market Research, the global cash logistics market is expected to $30.70 billion by 2025. Following are some of the activities taking place across the world.
Among many strategies adopted by market players, investment is one of the major strategies to expand its presence in a particular market. CMS Info Systems (CMS) plans to invest nearly Rs. 1,300 crore for scaling up its managed ATM business and cash management services. The investment will be funded through debt and internal accrual. Rajiv Kaul, the Vice-Chairman and Whole-Time Director at CMS Info System, highlighted that the company would create nearly 2,000 jobs by investing nearly Rs. 180-200 crore initially. CMS acquired the ATM division of Logicash Solutions in India. CMS is backed by Baring Private Equity. Following the acquisition, the number of ATMs of CMS rose from 62,000 to 72,000. The company did not reveal any more investment plans after this. The company is focused on improving and expanding its cash logistics services across India.
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CMS received a mandate for installation of 3,000 ATMs from State Bank of India. According to the contract, CMS would survey the sites, deploy ATMs, ensure maintenance, and provide cash management services. The contract has been done for seven years and has a provision to expand up to three years. According to the data, CMS has been managing nearly Rs 5,000 crore of cash per day in India. The company is expected to increase its revenue with new investments.
In addition to investments, partnership is one of the crucial strategies implemented by market players operating in the cash logistics space to grow their presence and offer efficient services. Santander joined hands with Prosegur Cash for offering an in-store digital cash management service. The services will be offered in Spain. According to the Cash Today service, notes and coins accepted by merchants will be put into the bank accounts. This service also ensures the cash accepted by merchants is put in a secure device and insured as per the contract. It offers benefits of card payments as cash confirmed by the device is reflected in the Santander bank account. In addition, all transactions can be tracked in real time.
As per the partnership agreement, Prosegur Cash will collect the cash and offer change. Both parties involved outlined that their target businesses are supermarkets, service stations, restaurants, tobacco shops, pharmacies, and others. Vicente Pantoja, the Head of Cash Solutions at Santander España, commented that the service assists businesses in efficient management of the cash received and offering digital solutions that ensure security, instant transfer, and less time and effort. Moreover, this service would encourage cash payments at businesses operating in underserved areas.
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The trend of partnerships continues as banks have been joining forces to provide services that enable accessibility and convenience. Sampath Bank PLC formed a partnership agreement with SDB Bank. Under the agreement, SDB customers will have an access to branch network along with cash deposit kiosks of Sampath Bank, which comprises of 228 branches with 13 Super Branches and 465 cash deposit kiosks. SDB can offer an entire new portfolio of banking products and services along with gaining customer satisfaction and loyalty. For Sampath Bank, it can tap on untapped customer verticals and assists customers and businesses in specific areas grow. This partnership has been formed with a government’s vision to consolidate the banking industry and showcase how the convergence of a licensed commercial bank and a licensed specialized bank and can form synergies.
Thilak Piyadigama, the CEO at SDB Bank, highlighted that the extension of its long-standing relationship with Sampath will provide different benefits to its customers base such as centralization and enhanced management of payments. In addition, this partnership is aimed offering improved returns on liquidity to customers. Both banks aim to explore the potential of innovative solutions, which marks a significant milestone in taking next steps of delivering high value services to different customer segments along with streamlining their processes to offer convenience to their employees.
Market players operating in the cash logistics space have been adopting different strategies to offer innovative solutions, enable convenience to customers, expand its presence, and achieve growth. Among different strategies adopted by them, investments and partnerships are prime strategies to consolidate their portfolio and add value to their customers. From investing to increase number of ATMs across the country to providing in-store digital cash management service, innovative solutions have been deployed by taking convenience and efficiency into consideration. In addition, banks have been collaborating to make cash deposit kiosks and branch networks available for customers. These strategies have been helping market players in expanding its footprint across various regions and increase their revenues by availing resources. As innovative services continue to emerge, the market for cash logistics would grow significantly over the next few years. According to the report published by Allied Market Research, the global cash logistics market is expected to $30.70 billion by 2025. Following are some of the activities taking place across the world.
Among many strategies adopted by market players, investment is one of the major strategies to expand its presence in a particular market. CMS Info Systems (CMS) plans to invest nearly Rs. 1,300 crore for scaling up its managed ATM business and cash management services. The investment will be funded through debt and internal accrual. Rajiv Kaul, the Vice-Chairman and Whole-Time Director at CMS Info System, highlighted that the company would create nearly 2,000 jobs by investing nearly Rs. 180-200 crore initially. CMS acquired the ATM division of Logicash Solutions in India. CMS is backed by Baring Private Equity. Following the acquisition, the number of ATMs of CMS rose from 62,000 to 72,000. The company did not reveal any more investment plans after this. The company is focused on improving and expanding its cash logistics services across India.
Get Sample Report with Industry Insights @
https://www.alliedmarketresearch.com/request-sample/2458
CMS received a mandate for installation of 3,000 ATMs from State Bank of India. According to the contract, CMS would survey the sites, deploy ATMs, ensure maintenance, and provide cash management services. The contract has been done for seven years and has a provision to expand up to three years. According to the data, CMS has been managing nearly Rs 5,000 crore of cash per day in India. The company is expected to increase its revenue with new investments.
In addition to investments, partnership is one of the crucial strategies implemented by market players operating in the cash logistics space to grow their presence and offer efficient services. Santander joined hands with Prosegur Cash for offering an in-store digital cash management service. The services will be offered in Spain. According to the Cash Today service, notes and coins accepted by merchants will be put into the bank accounts. This service also ensures the cash accepted by merchants is put in a secure device and insured as per the contract. It offers benefits of card payments as cash confirmed by the device is reflected in the Santander bank account. In addition, all transactions can be tracked in real time.
As per the partnership agreement, Prosegur Cash will collect the cash and offer change. Both parties involved outlined that their target businesses are supermarkets, service stations, restaurants, tobacco shops, pharmacies, and others. Vicente Pantoja, the Head of Cash Solutions at Santander España, commented that the service assists businesses in efficient management of the cash received and offering digital solutions that ensure security, instant transfer, and less time and effort. Moreover, this service would encourage cash payments at businesses operating in underserved areas.
To Get Discount, Make Purchase Inquiry @
https://www.alliedmarketresearch.com/purchase-enquiry/2458
The trend of partnerships continues as banks have been joining forces to provide services that enable accessibility and convenience. Sampath Bank PLC formed a partnership agreement with SDB Bank. Under the agreement, SDB customers will have an access to branch network along with cash deposit kiosks of Sampath Bank, which comprises of 228 branches with 13 Super Branches and 465 cash deposit kiosks. SDB can offer an entire new portfolio of banking products and services along with gaining customer satisfaction and loyalty. For Sampath Bank, it can tap on untapped customer verticals and assists customers and businesses in specific areas grow. This partnership has been formed with a government’s vision to consolidate the banking industry and showcase how the convergence of a licensed commercial bank and a licensed specialized bank and can form synergies.
Thilak Piyadigama, the CEO at SDB Bank, highlighted that the extension of its long-standing relationship with Sampath will provide different benefits to its customers base such as centralization and enhanced management of payments. In addition, this partnership is aimed offering improved returns on liquidity to customers. Both banks aim to explore the potential of innovative solutions, which marks a significant milestone in taking next steps of delivering high value services to different customer segments along with streamlining their processes to offer convenience to their employees.
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