The recent Retail Risk conference, held in Johannesburg, highlighted the changes in cash security technology and the shift in cash handling risk accountability from banks to their retail customers.
At the conference, Global Payment Technologies (GPT), a leading national supplier of technical cash handling solutions, presented new security systems that can completely change the flow of cash within retail centres and significantly protect retailers from the risk of cash in transit (CIT) heists and ATM bombings.
Andries de Kock, sales executive at GPT, says the need for cash recycling solutions for retail centres attracted strong interest at the conference.
“The market is changing, and we are on the brink of a complete change in how cash flows in South Africa.”
New technologies showcased at the conference displayed the potential for developing closed loop cash recycling solutions whereby cash can be securely collected, counted, sorted and redistributed on site, without the need to transfer cash to banks. This entirely circumvents the high risk of transporting cash between financial institutions and commercial outlets.
De Kock revealed that GPT is currently piloting a ground-breaking closed loop cash recycling solution at a shopping mall in Gauteng. The project is delivering highly positive results, and the company plans to launch this solution to the market within a few weeks.
Closed loop cash recycling solutions have the additional benefit of reducing the need for armed security personnel in the vicinity of retail premises and it means fewer weapons in a shopping precinct, he says.
These solutions also result in efficiencies which have a measurable return on investment with a positive impact on the bottom line. Furthermore, they can be applied across the entire retail sector, from individual stores to malls and shopping centres or any other institutions that handle cash.