Cash Management

Cash Management creates efficient and secure cash flow for retailers, banks and Cash-in-Transit companies by delivering smart solutions that automate cash management and optimise the cash cycle. The Business Unit represents 20% of Group sales.

Vision: Lead and co-develop the future customer payment cycle by offering best-in-class uptime and peace of mind.

Mission: As experts in the complete payment cycle, we provide ​cost effective and secure solutions through innovative business models. 



of Group Sales

Gunnebo’s portfolio consists of solutions for deposit, dispensing and recycling of notes and coins, envelope and coin roll systems, closed cash management, drive-up systems, application and monitoring software, and services.

With this portfolio, Gunnebo Cash Management is seen as a provider with a comprehensive offering for Cash-in-transit (CIT) service providers, banks and retailers both in front-end and back-office.

The global cash market

In 2019, the total global market value for global cash automation was estimated to BSEK 60, excluding service, according to RBR’s Retail Cash Automation Report 2020. A CAGR of 7% was estimated until 2024 (excluding the Japanese market), while Gunnebo had around 6% of global market share, according to the report. Of the global installed base, Gunnebo ranks number one, while the global market size is estimated to grow from 720,000 to 870,000 units.

That cash is disappearing is – globally – a myth. Between 2011 and 2018, cash in global circulation relative to GDP increased by 9.6%; 85% of transactions globally are made in cash, while in Europe this figure is 79% in Europe.*

Traditionally, cash has been managed by banks globally, but in recent decades there has been a shift towards cash being managed by Cash Management Companies and retailers. This has meant increased costs for bricks-and-mortar retailers, where the cost of cash often accounts for between 5% and 10% of total costs. Cash In Transit companies, which provide services to facilitate the physical flow of cash between banks and retailers, are the third player in the cash ecosystem.

*Source: Global cash report from

Market drivers and trends

  • Increased focus on efficient management of cash due to labor intensity
  • Focus on the total cost of ownership management
  • Digitization of processes in the retail store and bank branch

Strategic priorities

  • Provide fit-for-purpose hardware, software and services to optimise the cash process
  • Provide software that allows cash optimisation and central device management
  • Shape offering towards “as-a-service” model
  • Optimise go-to-market set up and grow the global market coverage

Performance 2020

During the year the majority of Cash Management’s markets have been very negatively affected by COVID-19. This downturn was already felt at the end of the first quarter and resulted in lower demand, postponed orders, delayed installations and a more cautious attitude among customers throughout the year. Powerful measures were taken, such as personnel related capacity adjustments, reduced indirect spending and reduced travel related expenses. Like the other Business Units, Cash Management is seeing under-absorption due to lower capacity utilisation in the production units as a result of lower sales.

The service business for customers continued at good levels during the year, despite COVID-19. This demonstrates the Business Unit’s strength as a partner to customers with key functions in society, and it also showed Cash Management’s strength in having recurring revenues and robustness.

Share of Group – Cash Management

Government decisions have meant temporary closure and severely hampered local sales and delayed installation activities due to firm mobility restrictions during the year. The demand for high security solutions in Europe led to a number of orders from European banks. Also the demand for drive-up systems to banks in the US was good during the year. In addition, the need for smart solutions that optimise handling times for back-office checkout and CIT staff, as well as services that enable contactless interaction between customers and checkout staff, was still high.

During the year, product launches and pilot testing with partners has taken place. There is an underlying strength and potential in these products, and demand is expected to increase as society gradually reopens post COVID-19.

Cash Management’s EBITA for 2020 amounted to MSEK 13 (68), resulting in an EBITA margin of 1.5% (6.6). Restructuring measures in the operation hampered the yearly figures by MSEK –23. The lower margin is mainly attributable to lower sales volumes on most markets, which also led to absorption losses in the production units, and to restructuring costs.




Net sales, MSEK



Sales growth, %









Sales model and customer structure

Market segments

Retail, bank and other businesses managing cash

Sales model

Bank: direct, with partners, and with CIT

Retail: direct, with partners, CIT and banks

Gunnebo brands

Manufacturing units

  • Binefar (ES)
  • Cincinnati (US)

Customer cases

Cash deposit: ‘a simple, audit-proof and future-oriented process’

Since 2011, Gunnebo has been supplying a global footwear retailer with cash management solutions for cash deposit, and is systematically renewing their devices with the latest machines. The market-leading shoe brand is represented by over 4,000 stores worldwide and has a presence in 30 countries.

Automated cash deposit machines deliver a host of benefits for retailers in terms of process efficiency and reduced costs.

Since a cash deposit solution counts notes automatically, labour-intensive cash counting procedures become a thing of the past. Daily cash routines are made simpler, faster and more efficient. And with less time spent on manual cash handling, staff are free to focus more attention on serving customers.

For the footwear retailer, it was also important to have a lasting solution which could grow as the company evolved.

Cash Deposit (photo)

“We were looking for a system that contained a simple, audit-proof and future-oriented process,” says a company representative.

“Gunnebo helped us to develop the system further and brought a lot of experience to the project. In addition to saving time in the stores, this system has also enabled us to reduce the costs associated with cash handling.”

Together with cash management software – connecting the retailer, their cash in transit provider and their bank – Gunnebo has been able to ensure that deposit data is processed and credited to the retailer’s bank account.

“We have forged a strong partnership thanks to our industry expertise,” says Christian Weisser, SVP Gunnebo Cash Management.

“We have continued to deliver value to the client and are systematically renewing their devices with the latest deposit machines, which are even safer and more efficient.”

SafePay SCO Meets Rising Demand for Self-Checkouts

Gunnebo Cash Management has launched SafePay Self-Checkout – a solution which makes it possible for consumers to pay with notes and coins at self-checkout stations.

SafePay Self-Checkout (SCO) integrates into retail self-service stations to facilitate cash payments when shoppers check out their goods themselves. SafePay SCO systems can combine multiple POS configurations, so retailers can be assured of a scalable solution which will grow with their business needs.

A SPAR Netherlands independent retailer operates 10 SPAR stores on university campuses in the Netherlands aimed at students who want to buy something in a hurry at peak times during the breaks between lectures and seminars.

Safepay (photo)

SPAR found that many payment systems were only suitable for card payments, but for many foreign students at the university cash still plays an important role. As an innovative retailer, SPAR decided to fully equip all its campus stores in the country with SafePay SCO, as an automated way to integrate cash payments into their self-checkout set-up.

SafePay SCO is also a completely closed cash management process. This means there is no way to get access to money during the cash cycle, which increases security, eliminates shrinkage and removes cash differences. Since staff no longer need to count cash, significant time savings are made.

“We have a passion for students and the fast-paced world around them,” says Erwin Binneveld, Chief Grow Officer at SPAR university, a sister of SPAR city stores.

“Gunnebo’s SafePay fits perfectly within the concept of full automation and as part of the self-service checkouts. We see that the system is easy for our customers to use – they pay themselves without a cashier needing to step in or monitor the process,” he concluded