Cashless payments combat counterfeit currency

How can implementing cashless payments offer operators protection against counterfeit currency?

Just last week, Australia changed the design of their 10 dollar banknote, while reissuing the 5 dollar bill last year. These moves were designed to fight counterfeit currency concerns. The new designs implement a range of security features. They include a transparent top-to-bottom window and other dynamic features that change as the banknote is moved.

Cashless payments combat counterfeit currency

Earlier this year, the UK issued a new 1 pound coin. Before this move, approximately one in thirty £1 coins in circulation was fake. There was a huge push by operators of automated machines with coin mechanisms to update and upgrade their machines to ensure that the new coin would be accepted for purchases. (And just to keep you updated, there are only a few weeks until the old £1 coin will be retired completely. After October 15, 2017, the legal tender status of these coins will be withdrawn and they will no longer be viable currency.)

In both these cases, a rush was on for operators to upgrade their unattended, automated devices, to ensure that consumers would be able to use the newly designed currency. Unfortunately, this change takes a huge toll on operators. It is expected to cost $4m for these upgrades, in the Australian vending industry alone.

Is this a smart investment?

Does it makes sense to simply swap out a coin mechanism box? When you look at where the trend is heading, it’s clear that operators should make the transition to a cashless enabled payment device. This will ensure that operators are truly up-to-date to meet the needs of their market. Nayax’s cashless payment system is the definitive solution to fight counterfeit currency.

Because Nayax is forward-thinking in the development of our technology-driven products, operators can be confident that with the purchase of a VPOS device, they are receiving a future-proof product. Nayax ensures that customers won’t have to change their payment device for changes in currency or payment methods.

For example, QR code payments are not widely-accepted methods. But it’s the most popular choice in Asia. WechatPay & AliPay in China, and Paytm, in India, are used by billions of consumers. Nayax predicts using QR codes for payment will eventually be accepted and recognized in countries around the world. Because Nayax’s devices allow payments with a static QR code, and VPOS Touch and future products accept payment via dynamic QR codes, the unknown won’t be a problem. Operators can be confident that their stand-alone, automated machines will accept all payments, without any need for upgrades to firmware.

This gives Nayax customers a big advantage, when compared to their competitors. Nayax is your partner watching your back. We ensure that you’ll be able to accept any sale, at any time. This lets you concentrate on the core of your business.