South America Cheque Scanner Market to Grow at a CAGR of 3.8% to reach US$ 57.76 Million from 2021 to 2028

The cheque scanner market in South America is expected to grow from US$ 44.59 million in 2021 to US$ 57.76 million by 2028; it is estimated to grow at a CAGR of 3.8% from 2021 to 2028.

The banking regulatory authority continuously monitors banking system operation in the country. Moreover, the banking regulatory authority across the region have been promoting digital transformation including the process of digital cheque clearance, thereby driving the demand for cheque scanner. The digital transformation of banking is taking place in various countries of South America including Brazil. During 2011–2012, Brazilian banks started clearing scanned image of cheques, to avoid difficulty and expense of transporting paper cheques across long distances. In recent time (2019–2020), Brazilian banks have started to roll out remote deposit capture. Banese, a small state-run bank in the northwestern part of the country, became the first to offer remote deposit capture (RDC) for businesses. Similarly, Bradesco stated utilizing the benefits of RDC, driving the growth of the South America cheque scanner market.Governments of South American countries took several actions to protect their citizens from the COVID-19 by containing its spread. The pandemic hampered the banking business in the region in 2020. However, businesses have now resumed in South American countries, which is projected to gradually create the demand for cheque scanners among banks and financial institutions. Brazil and Chile are among the countries that have robust banking systems, which are likely to recommence operations.

South America Cheque Scanner Market Revenue and Forecast to 2028 (US$ Million)

South America Cheque Scanner Market Segmentation   

South America Cheque Scanner Market – By Type

• Single-Feed Check Scanner
• Multi-Feed Check Scanner

South America Cheque Scanner Market – By Application

• Banks
• Enterprises and Financial Institutions

South America Cheque Scanner Market– By Country

• Brazil
• Argentina
• Chile
• Rest of South America

South America Cheque Scanner Market-Companies Mentioned

• Canon Inc.
• Digital Check
• Eastman Kodak Company
• Epson
• MagTek Inc
• NCR Corporation
• Panini S.p.A.

South America Cheque Scanner Report Scope