Cash is needed
Loomis, an expert company in cash management, sees that the role of cash in society will continue to be important. The recent increased awareness of the crisis has also made decision-makers and consumers understand its importance.
The international Loomis operates in Finland through two companies, Loomis Suomi Oy, which focuses on cash handling, and Loomis Automatia, which is responsible for automatic operations. In Finland, the company is the market leader in the field. Norwegian companies Nokas Finland and automation operator Nokas CMS and the S group's Reila Palvelut Oy also operate in the sector. Loomis Suomen's customers include banks, large retail chains, as well as all other companies and public administration. Through automation, the company is also visible in the direction of consumer customers.
During the last months, the positive effects of a new kind of crisis awareness on the cash brand have been clearly seen in the company.
"The role of cash has been featured a lot in the media, companies have seen its importance as a means of payment, and consumers now think that cash should be kept in case of disturbances. At the same time, our cooperation with the authorities has also increased," says Loomis Suomi Oy CEO Harri Veijola.
The company is also reminded that a cash infrastructure cannot be created suddenly, but must be continuously maintained.
"Cash cannot be used as a backup system in a crisis if it is not used otherwise," says sales director Pasi Vuori.
Cash has a bright future
Many people think that cash is used very little these days. In reality, there are more euro banknotes in circulation than ever before. In Europe, cash is still the main means of payment for many, and in Finland it is also the same for about 10 percent of consumers.
"For a significant number of people, cash is still the only method of payment. In addition, it is an anonymous and safe option," says Veijola.
Its concreteness also speaks in favor of using cash; for example, in managing finances or teaching children the value of money, cash is superior. In Loomis, we can see that there is a safe place for cash in the future as well.
"The amount of cash is decreasing, but at a slower pace than before. This is also guided by the legislation that is being prepared, which would oblige operators to receive and hand over cash," Veijola mentions.
In the future, Loomis' goal is to keep cash as a nationally available and cost-effective option, and to create concepts that make receiving cash easy and profitable. One of the innovations is Loomis Pay, which allows the company's payment traffic to be combined into one service, regardless of the payment instrument.
"Merchants get transaction mediation for all payment instruments on a one-stop basis, which means that separate agreements are not needed. With this, receiving cash is still easy and cost-effective for entrepreneurs," Veijola sums up.
During the last months, the positive effects of a new kind of crisis awareness on the cash brand have been clearly seen in the company.
"The role of cash has been featured a lot in the media, companies have seen its importance as a means of payment, and consumers now think that cash should be kept in case of disturbances. At the same time, our cooperation with the authorities has also increased," says Loomis Suomi Oy CEO Harri Veijola.
The company is also reminded that a cash infrastructure cannot be created suddenly, but must be continuously maintained.
"Cash cannot be used as a backup system in a crisis if it is not used otherwise," says sales director Pasi Vuori.
Cash has a bright future
Many people think that cash is used very little these days. In reality, there are more euro banknotes in circulation than ever before. In Europe, cash is still the main means of payment for many, and in Finland it is also the same for about 10 percent of consumers.
"For a significant number of people, cash is still the only method of payment. In addition, it is an anonymous and safe option," says Veijola.
Its concreteness also speaks in favor of using cash; for example, in managing finances or teaching children the value of money, cash is superior. In Loomis, we can see that there is a safe place for cash in the future as well.
"The amount of cash is decreasing, but at a slower pace than before. This is also guided by the legislation that is being prepared, which would oblige operators to receive and hand over cash," Veijola mentions.
In the future, Loomis' goal is to keep cash as a nationally available and cost-effective option, and to create concepts that make receiving cash easy and profitable. One of the innovations is Loomis Pay, which allows the company's payment traffic to be combined into one service, regardless of the payment instrument.
"Merchants get transaction mediation for all payment instruments on a one-stop basis, which means that separate agreements are not needed. With this, receiving cash is still easy and cost-effective for entrepreneurs," Veijola sums up.