The cheque scanner market is growing to witness a continuous growth in the future. At present scenario, irrespective of availability of different online platforms for sending/receiving money, large proportion of enterprise depends on cheques. This aspect is creating need for cheque scanner to quickly and efficiently clear lumpsum cheques without any human error. This scanner is heavily accepted by financial institutions, banks, and credit unions to enhance productivity and boost revenue in an automated manner. Additionally, pertaining to digitalization initiatives within financial organizations, the regulatory bodies are taking initiatives to reduce fraudulent cases in cheques. To prevent any illegal activity, deployment of cheque scanner will see a positive growth in the coming years. Also, the banks & government bodies are making use of remote deposit capture at a large in developing countries to make payment through cheques for SMEs or enterprises located in remote areas where deposit of cheques is challenging. With growing government support for strengthening SMEs in economies like India and China, the penetration of cheque scanner is forecasted to rise.
According to latest situation report from the World Health Organization (WHO), the US, Spain, Italy, France, Germany, the UK, Russia, Turkey, Brazil, Iran, and China are some of the worst affected countries due to COVID-19 outbreak. The COVID-19 crisis is affecting the industries worldwide and the global economy is anticipated to take a worst hit in 2020 and likely in 2021. The outbreak has created significant disruptions in manufacturing industries as a result of lockdown measures imposed for controlling the virus. Due to temporary shutdown of manufacturing plants, the production of cheque scanner systems has also witnessed a halt. Moreover, ban on movement of people and supply chain has also caused disruption in the development & procurement of cheque scanners. However, due to COVID-19 outbreak, the cheque scanner market trends are expected to boost in forthcoming periods. Due to rising awareness of social distancing, the demand for digital banking is boosting exponentially across the globe.
The estimated impact of COVID-19 outbreak on the growth of global cheque scanner market in various countries/regions is described below.
Several other players are also functioning in the market worldwide, contributing significant revenue shares year on year. Few of the important market initiatives and product developments from the industry are mentioned below:
|
Year |
News |
Country |
|
2020 |
Genesys Technologies and MagTek, Inc. partnered to create custom payment solution for unattended laundromats and car washes |
North America |
|
2020 |
Kodak and Southern Lithoplate Inc. (SLP) alliance together in which Southern Lithoplate became a key supplier of Kodak solutions. This arrangement leverages Southern Lithoplate strong client’s relationships and expertise within the newspaper sector and Kodak’s world-class products and technology. |
North America |
