Cheque Scanner Market 5.3% of CAGR with Impact of COVID-19 by 2028 - ARCA, MagTek, NCR Corporation, Eastman Kodak Company, RDM Corporation

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.

The global cheque scanner market was valued at US$ 721.52 million in 2020 and is projected to reach US$ 1,079.55 million by 2028; it is expected to grow at a CAGR of 5.3% from 2021 to 2028. The cheque scanner market is anticipated to witness a continuous growth in the future.

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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. The cheque scanner is heavily used 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.

Key Findings of Study:

Remote deposit capture (RDC) has gained prominence as banking authorities across the world are promoting and supporting the technology. Since the introduction of RDC, millions of desktop scanners have been deployed by the financial institutions. Remote deposit capture allows access to all funds within two to three business days; whereas the traditional deposit methods take several days to complete the task. RDC also removes geographical constraint, allowing user to deposit checks from anywhere. Panini SpA offers single feed RDC scanner namely mI: Deal, I: Deal, Vision 1, and multi-feed RDC scanner namely wI: Deal. The company’s scanner is supported by prominent independent software vendors (ISVs). Alogent, Deluxe, FIS, Fiserv, and Harland Clarke are among a few independent software vendors. Similarly, vendors including NCR Corporation and Digital Check offer such scanners. Digital Check offers The TellerScan TS240 teller capture scanner. It is a workhorse cheque scanner for the teller window or high-volume remote deposit capture environments.

Number of financial institutions are investing in such technology as the technology is helping their team to focus on core operation of the bank. The technology is also providing smooth operation and better management to the entire cheque clearance process.

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