One day, even cash transactions will be 100% secure

Published on 24/04/20

We’ve not heard the last from cash! Even in the age of paperless payments, cash still plays an important role in European transactions. It’s not surprising then that cash management and instore security is subject to innovation through this new smart safe.

We will always need smart safes.

While some brands have opted for prepaid account systems and some even refuse cash completely and only take card payments, our Oney OpinionWay report on European Payments revealed that 9 out of 10 consumers still pay in cash. Confidentiality, anonymity, and lack of traceability would explain its resilience, if not its success. This behaviour has not escaped the attention of National Westminster Bank, known as NATWEST and its partner, the British security service company, G4S.

A smart, connected safe

Together, they have developed INTELLIGENT SAFE, an innovative cash management system that allows retailers to deposit their revenue without having to go to the bank. The INTELLIGENT SAFE is the first intelligent safe with automated account crediting. Retailers simply deposit the cash in the safe where it is counted and credited automatically to their accounts.

With the smart safe, not only is the money completely safe, it is also analysed to detect potential counterfeit bills. And there’s no need to go to the bank either, as the safe triggers collection from the cash-in-transit provider.

Enhanced security and real-time reporting

The INTELLIGENT SAFE allows businesses to hold cash securely and reduce error or even fraud-related losses, and it provides near-instant access to various cash flows. It also enables consolidated reporting at the end of the day, even for companies with multiple outlets. With its integrated solutions, including hardware, software, and services, these smart safes have developed an ecosystem, demonstrating that cash is still at the heart of retail.

The Main Think

In terms of retail, when we think payment security, we mustn’t forget cash payments. With their smart safe, NATWEST and G-4S are bringing cash into the era of connected cash flow.

Crédits photos : Istock, Natwest