What is Cash in Transit Services?
Cash-in-transit is the secure moving of physical currency/coins, valuable assets, and other financial instruments from one place to another. These locations include bank vaults, branches, ATMs, or retail touch points such as OMC outlets or retail stores. A whole market has grown to provide a service that delivers a secure means of moving cash and other high-worth valuables from one location to another. A complete infrastructure has also grown up to support the CIT market such as the manufacture of armored vehicles, the provision of secure cases to carry the banknotes while in transit, and the provision of additional security measures to safely transport cash or valuables.
There are different types of CIT services available in the global market, each personalized to the specific needs of clients and the nature of the assets being moved. These can include, armored vehicle transport, secure courier services, and cash processing and vaulting. Armored vehicle transport, is an exceedingly secure vehicle equipped with advanced security topographies to transport large amounts of cash or high-value assets. Further, secure courier services, are specifically used for smaller-scale cash transfers or the moving of sensitive documents, secure courier services provide an efficient and reliable solution. In addition, cash processing and vaulting services offer additional services such as cash counting, processing, and secure storage in vaults, ensuring the complete management of cash assets from end to end.
Growing ATM installation in developing regions is driving the demand for cash in transit services market.
The cash-in-transit (CIT) services market is growing globally, and one major factor driving this growth is the number of ATM installations in emerging countries. Automated teller machines (ATMs) have been widely adopted as these regions' economies continue to grow and modernize, meeting the growing need of their expanding populations for financial services. This pattern is especially notable in nations where the middle class is expanding quickly, as there is an increasing need for convenient banking services. For instance, there are approximately, 3.5 million ATMs installed worldwide and more than 50% of banking transactions in India are done through ATM. Moreover, in 2020, there were 41.24 automated teller machines (ATMs) for per 100,000 people worldwide, maintaining a steady level.
Over 249 thousand automated teller machines (ATMs) were present in India in 2022. This was a rise from the approximately 200,000 ATMs that were installed in 2019. ATMs are essential for facilitating financial services accessibility because they may be used for cash withdrawals, balance inquiries, fund transfers, and bill payment, among other functions. The installation of ATMs allows people and businesses in developing nations to access banking services without the need for physical bank branches, which is a critical step towards financial inclusion.
In addition, China led the list of nations with the most ATMs (1,013,900) out of 156 countries compared in 2020, followed by Russia and India. Seychelles had 67.0 ATMs, South Sudan had 46.0 ATMs, and Comoros had 33.0 ATMs, on the other end of the range. As ATM networks expand throughout emerging nations, there is an increasing need for CIT services. This has created profitable opportunities for CIT service providers to expand their businesses and enter new markets. The efficiency and security of CIT operations are also being improved by technology developments including the incorporation of biometric authentication, cash recycling, and remote monitoring capabilities, which contribute to market expansion.
Conclusion
The symbiotic relationship between ATM installations and the CIT services market underscores the importance of both in facilitating financial services accessibility and supporting economic development, particularly in emerging economies.
Author's Detail:
Nisha Deore /
LinkedIn
I am a well-organized, conscientious, and professional Research Analyst with two plus years of experience. In my current role, I conduct in-depth secondary research, data mining, competitive analysis, DRO's, PR, and Collateral writing. Whilst I enjoy working as part of a team, researching information, analyzing data, and producing results that help my organization to achieve its commercial and financial objectives.
I am committed to continuous professional development, regularly engaging in workshops, seminars, and staying attuned to the latest industry trends. This commitment reflects my dedication to providing cutting-edge insights and staying ahead in the ever-evolving field of research. I led research initiatives aimed at uncovering market opportunities and enhancing competitive positioning. My responsibilities spanned the entire research lifecycle, from designing methodologies to presenting findings. Through collaborative efforts, I facilitated data-driven decision-making processes that contributed to the overall success of key projects.
