Cash is still king in India and a partnership between Innovative Technology and Indian vending technology specialist Chevend is meeting the demand to ensure cash can be used as the preferred method of payment.
Despite India’s government implementing schemes, such as the demonetisation of all 500 and 1000-rupee notes in 2016, to encourage the country to go cashless, there is reportedly still high demand for banknotes.
According to the Global Cash Index, cash continues to hold a significant role in Indian culture and is seeing growth rather than decline.
Commenting on the popularity of cash in the region Marcus Tiedt, sales & marketing director of Innovative Technology (ITL) said: “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 customer support for ITL commented: “We foresee that our latest products with the added benefit of Spectral technology will begin to see more and more demand.”