Irish Hospitality Expo 2014
Cash Still King in Ireland
Recognising the huge volume of cash transactions in Ireland and its enduring appeal with Irish people several suppliers were featuring new systems for cash management at Hospitality Expo 2014, Ireland’s premier trade show for the industry.
The "techie" press is full of the latest ideas on mobile payments and millions are being spent on competing technologies but cash will remain, and remain popular, with both the public and retailers for decades to come. The costs and risks associated with cash handling are real but they are often overstated. No bank promotes the use of cash but every bank promotes on-line and mobile payments relentlessly. It’s hardly surprising. Every debit or credit card transaction generates income for the card providers and costs for the retailer. Some card transactions appear free to the consumer although others also incur similar fees or administrative charges to those borne by retailers. The banks can get money from both sides.
The challenge for retailers is to handle cash efficiently and securely whilst maintaining a good customer experience. New cash management systems at Hospitality Expo showed how that can be achieved at the point-of-sale and in the cash office.
IOResource Limited, the Wicklow based supplier of retail technology, used the show to launch into Ireland a range of secure cash handling units for the point-of-sale. They are closed-cash units that integrate with standard POS systems. Banknotes fed into the unit are authenticated and then recycled in change as are coins. at the show the Azkoyen Cashlogy units were shown operating with the ICR-Touch Screen EPOS System. This is one of the most widely used systems in the hospitality industry. Over 40,000 POS software licenses have been sold in Ireland and the UK.
On a neighbouring exhibition stand Cash Handling Systems Ireland were launching not one but four new solutions for cash management in the retail and hospitality sectors. The company has partnered with Spain's Kiosko Cash S.L. to bring to Ireland secure systems for point-of-sale; cash office; and a secure cash pay-station. all were built around cash processing technology from Glory Limited, the Japanese manufacturer renowned in the industry for its engineering quality and reliability.
For information about these suppliers, their cash management products and availability in the UK please contact us.
Ireland Second Highest User of Cash In EU
Ireland's National Competitive Council has the ranked the country asthe second highest in the Eurozone in terms of its use of cash as a proportion of GDP.
Chart courtesy of CBI (Central Bank of Ireland) National Payments Plan.