As businesses continue to grow and cash usage flourishes, the demand for secure and efficient cash handling solutions is on the rise. In addition to collecting and storing cash, there’s also the challenge of safely transporting it to the bank. For smaller-scale cash reserves, it’s not that difficult, but dealing with hundreds of thousands of currency notes requires a lot more care. This overview takes a look at the opportunities and challenges faced by the cash-in-transit industry in Pakistan, highlighting the role of technology and the impact of regulatory factors.
Several companies offer CIT services in Pakistan, each catering to the unique needs of businesses and financial institutions. Providers such as SOS Pakistan, Askari Guards, Loop, and Phoenix Group of Companies offer a range of services, including secure cash transportation using armoured vehicles, overnight vaulting, and total asset protection. The geographical reach of these providers is extensive, reflecting their commitment to serving diverse areas across the country.
While the CIT industry in Pakistan shows significant promise, it is not without its challenges. One notable obstacle is the lack of seamless technology integration and real-time tracking capabilities. This deficiency can impede the industry’s growth and overall efficiency. However, technology also presents opportunities for companies to enhance their services and gain a competitive edge.
One company leading the way in revolutionising the CIT landscape is Loop. Loop offers powerful and scalable Cash In Transit Management software that comes with integrated cash tracking capabilities. This innovative software empowers CIT service providers to access, manage, and administer requests from anywhere in the world. Loop’s technology enables businesses to view a list of regulated CIT services, book vehicle services, and even track their cash deliveries in real time through Google Maps.
While most CIT services offer rigid options due to security concerns, Loop’s services are agile and applicable to all businesses regardless of the scale of their operations.
The safety and security of cash during transportation are crucial. The State Bank of Pakistan has established stringent regulations governing the movement of cash in both Pakistani Rupees and Foreign Currency, emphasising proper documentation and record-keeping. These regulations ensure that cash in transit is handled securely and in compliance with the law.
Pakistan’s retail sector has experienced remarkable growth and now contributes almost 20% to the national GDP. This vibrant sector houses different industries, serving different sectors that drive the demand for cash-in-transit services, as businesses deal with increasing cash flows. Loop’s invoicing and cash handling solutions are designed to offer end-to-end solutions for collecting payments, offering enhanced visibility into payment processes, seamless reconciliation, and streamlined invoicing procedures. This contributes to faster growth, and less capital requirement while making a more significant impact on clients.
Pakistan’s CIT landscape presents both opportunities and challenges. The growing retail sector and the need for secure cash handling solutions have increased the demand for CIT services. Loop and other Cash In Transit providers are harnessing technology to meet these demands. While regulatory challenges and security risks persist, the industry’s future holds the promise of enhanced efficiency and safety.
To learn more about how Loop can help your business handle cash payments in Pakistan, talk to us today.