224 | PARKING
Cash-friendly technology
While some countries are moving to cashless environments, a vast number of people in the developed world still rely on physical monetary transactions, so cash-friendly systems are being enhanced and modernized Words | Paul Doukas, SuzoHapp, USA
The facts speak for themselves. Over half of the world’s population – billions of people – is without access to a bank account or a smartphone. Although cashless and digital payment methods are increasing, cash still has its place. The importance of accepting cash varies, based on many factors, among them demographics, social habits and cultural norms. Scandinavians are known for The compact ICS can process up to eight different coins without pre-sorting
Intertraffic World | Annual Showcase 2018
their move away from cash. Yet Germany, for example, is one of the most cash-focused nations in the world. The USA is another country where cash plays a dominant role. According to the Federal Reserve Bank of San Francisco’s Cash Product Office, 32% of all transactions in the USA in 2016 were made in cash. When it comes to small payments, cash is often preferred across
all demographics. For micropayments of US$15 or less, Americans used cash 66% of the time. Cash remains very important for the public transportation sector as well, as it ensures that payment terminals remain accessible to everyone.
Diverse and competitive market The cash handling market is diverse and competitive. Market players have a broad choice – not only in terms of the specific cash handling provider but also when it comes to the various cash handling components each company offers. Such is the variety on offer that the task of finding the correct mix is not an easy one for the transportation machine manufacturer. Both cash elements – notes and coins – often have to be taken into account. When we think of long-standing practices in the transportation market, such as parking meters only accepting coins, we are reminded of the continued need to be able to accept coins. The greater the payment choice available, the higher the customer satisfaction levels. This applies just as much to cash handling solutions. The experience, knowledge,
