Cash remains to be king in India and a partnership between Innovative Technology and Indian merchandising generation specialist Chevend is assembly the call for to make sure money can be utilized as the most well liked means of fee.
Despite India’s govt enforcing schemes, such because the demonetisation of all 500 and 1000-rupee notes in 2016, to inspire the rustic to head cashless, there’s reportedly nonetheless prime call for for banknotes.
According to the Global Cash Index, money continues to carry a vital position in Indian tradition and is seeing enlargement slightly than decline.
Commenting at the reputation of money within the area Marcus Tiedt, gross sales & advertising director of Innovative Technology (ITL) mentioned: “With over a billion people living in India a large percentage of them still transact in cash. Also, the infrastructure required to go cashless needs years to catch up and be reliable, and therefore a cashless society is not currently achievable in the short term. Working closely with Chevend, our trading partner in the region for the past four years, we are meeting market and consumer demand to ensure that cash can be used as the preferred method of payment both securely and efficiently.”
Andy Bassam, VP of shopper reinforce for ITL commented: “We foresee that our latest products with the added benefit of Spectral technology will begin to see more and more demand.”