According to a new report published by ResearchMoz – Global CashMoney in physical form such as banknotes and coins. More LogisticsThe term originates from military language and refers to the movement and provisioning of troops at war. In today’s business vocabulary, it refers to the management in particular, the transportation, storage and distribution of finished goods. More Market Size, Status and Forecast 2022 – the global cash logistics market is expanding rapidly and should continue to grow over the coming years.
Many factors can be cited to explain the rising demand for cash logistics management. First, the demand for security vaults rose significantly due to the numerous cyberattacks that hit financial institutions and central banks in recent years. Indeed, hackers’ exploits led many consumers to mistrust the banking system and look for alternatives to store their moneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More. Moreover, the sector has been boosted by the arrival of innovative devices such as electronic safes and password protected locks.
Furthermore, an increasing number of banks and financial institutions have started outsourcingTo commission a third party to conduct a part of the business, because it allows management to concentrate in the core business area. Outsourcing an activity, does not remove the responsibility for what is done on behalf and in the name of the institution and it should maintain the reputational impact of the activity intact. More their cash managementManagement and control of cash in circulation. More system, including ATMs services, to third-party firms to reduce operational risks related to transactions made via cash machines. The cash-in-transit segment – which comprises secure transfer of currencyThe money used in a particular country at a particular time, like dollar, yen, euro, etc., consisting of banknotes and coins, that does not require endorsement as a medium of exchange. More and bullions for central banks – also recorded a significant rise in 2016 and remains thus the leading service in the cash logistics market.
The demand for cash logistics rose especially in Europe in 2016. In the coming years, growth is expected to come from North America and the Asia Pacific region, as governments are taking measures to promote security in this area. Finally, the market has attracted an increasing number of new players, making it particularly competitive.
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