Cash recycling has been proving itself to be a worthwhile upgrade to ATMs across the globe, creating domino effects from cost savings to safer cash to more efficient banking services for the end-user.
Here to give insights on this episode of Inspired Banking, a Hyosung podcast, is Bill Budde, Vice President of Product Marketing at Hyosung. He talked to Host Daniel Litwin about how to really connect the dots between the economy today, how cash is being used, and why recycling ATMs are a worthwhile investment.
Budde previously worked at Chase on their ATM technology. This early work included transaction and deposit automation technology, where he rolled it out across the entire footprint of Chase’s branch network. He moved into incorporating cash recycling into these machines.
With this knowledge, Budde understands how cash moves into today’s society. With debit cards, peer-to-peer payments, and other technologies leading the way on how people spend money, it’s essential to understand how end-users use cash in today’s larger ecosystem.
“Cash is still a predominantly preferred method of payment for in-person transactions,” Budde said. “What we’ve seen over the last 18 months or so is a lot of that in-person interaction, for retail for purchasing in general, kind of disappeared for a while.”
While transactions moved to digital methods during the pandemic, cash remained king. Part of this is that there is still a large population that doesn’t use banks or underutilizes them, according to Budde, and this makes cash the most accessible mechanism to pay.