Spectral Technology, from Oldham based Innovative Technology Ltd, (ITL) is at the forefront in the mission to keep cash transactions in India as secure as possible.
Despite the Indian Government’s moves to encourage cashless – by demonetising 500 and 1000-rupee notes in 2016, for example – the demand for banknotes continued to grow: according to the Global Cash IndexTM, ‘cash continues to hold a significant role in Indian culture and is seeing growth rather than decline – cash is still very much king in the region’.
‘There are over a billion people living in India and a large percentage of them still transact in cash and are not part of the official tax network’, said Marcus Tiedt, ITL Sales & Marketing Director. ‘Also, the infrastructure required to go cashless needs years to catch up and be reliable, and therefore a cashless society is not achievable in the short term. That’s why we’ve been working closely with Chevend, our Trading Partner in the region, for the past four years; to address market and consumer demand by ensuring that cash can be used both securely and efficiently.’
VP of Customer Support for ITL, Andy Bassam, said ‘We foresee that our latest products, which have the added benefit of Spectral Technology, will begin to see more and more demand. We work hard with Ammaar, who heads up our partnership at Chevend, to ensure that we optimise datasets and acceptance rates on our products. The National Bank release banknotes on a yearly basis and notes in circulation can wear quickly, so keeping datasets up to date is imperative. Another major challenge in India is that the banks do not allow customers to redeem damaged and stained banknotes. This issue can be overcome by using ITL products that utilise our Spectral Technology to ensure machines do not accept banknotes that have been damaged or stained by anti-theft devices.’
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