Currency Counting Machine Market Size
| Study Period | 2019 - 2030 |
| Base Year For Estimation | 2024 |
| Forecast Data Period | 2025 - 2030 |
| CAGR | 5.42% |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Currency Counting Machine Market Analysis
The Currency Counting Machine Market is expected to register a CAGR of 5.42% during the forecast period.
The currency-counting machine can count notes much faster than a human and can handle a lot of cash simultaneously. The machine counts an entire bundle within seconds with accurate results and helps organizations save time. In addition, currency-measuring devices can be integrated with a feature that can detect counterfeit notes, driving the market during the forecast period.
- The increasing trend of financial inclusion through the growth of Small finance banks and commercial banks worldwide creates an opportunity for market growth because the currency-counting machines have an automated system that operates automatically once the notes are placed correctly. The devices start counting and stop after the count, and the user-friendly interface and easy functions have made this increasingly adopted in the cash section of the banks.
- The currency counting machines mainly come with a feature that can detect counterfeit notes, and these machines alert the user with a beeping noise if they detect a fake currency note in the bundle, which is driving the adoption of these counting machines in retail stores and banks because manual identification of counterfeit notes is significantly difficult. Additionally, in May 2023, the number of fake notes of INR 500 (USD 6) denomination detected increased by 14.4% to 91,110 pieces in 2022-23 compared to the previous year, according to the Reserve Bank of India, which shows the market potential for the need of currency counting machines with fake note detection capability.
- Furthermore, currency counting machines can be used for highly accurate counting, separating notes, and counting individually. Even if two letters in a bundle are stuck to each other while counting, these machines separate them and give an accurate result, which minimizes the error of the cash management team of retail, bank, and other commercial organizations, driving the market growth for the currency counting machines.
- However, the growing acceptance of Digital payments worldwide, in which payments are made through digital or online modes, through digital devices such as a mobile phone, computer, or a credit, debit, or prepaid card, with no exchange of cash involved, is limiting the market growth of currency counting machines, because with low cash-based transactions the demand for the counting machines would be compromised.
Currency Counting Machine Market Trends
Financial Inclusion Trend Worldwide by Expansion of Bank Branches Drives the Market Growth
- The need for currency counting machines in the cash management department of the Banks due to their application in minimizing the manual task and error associated with currency counting is fueling the adoption of the market in the financial sectors, which is driven by the expansion of the bank branches to support the financial inclusions.
- For instance, in June 2023, Bank of America announced the expansion of its financial center network into nine new markets over the next four years, bringing banking, investing, retirement, lending, and small business services and solutions to more clients and communities. In addition to optimizing its retail banking presence, the company would begin a multiyear expansion across nine markets and four new states, including Nebraska, Wisconsin, Alabama, and Louisiana, which would drive the market's requirement for currency counting machines.
- The growth of financial services in developing countries worldwide is fueling the market growth of currency-counting machines because cash-based transactions are prevalent in developing countries. For instance, the Payments Association of South Africa has stated that the citizens of South Africa have been increasingly dependent on cash. This trend has been more prevalent among social grant recipients, and 95% of beneficiary funds are withdrawn within seven days of being deposited, shows the country's dependency on cash, which is driving the adoption of the currency counting machine across the banking sector of the country, fueling the overall market growth.
- Market vendors like VMS Essentials have developed currency-counting machines for professional counters with precise sensors and a reliable electric motor for accurate counting, fueling the market with the increasing demand for currency-counting devices in Banks. In addition, Vendors are developing a UV and Magnetic counterfeit system, which can detect any fraudulent banknotes while counting all denominations up to a speed of 1000 notes per minute, making it suitable for banks' cash handling units.
- Additionally, in March 2023, Advans Lafayette Microfinance Bank announced its expansion plan to open a branch in Lagos, Nigeria. The new branch would be the 30th branch extended by the bank to provide financial services in the local communities, attract new clients, and boost economic growth in the region, which would create an opportunity for the cash-counting machine manufacturers to support the market growth.
The Asia-Pacific Region is Registering the Highest Market Growth
- The Asia-Pacific region has been registering continuous investments by various governments of countries, such as China, India, Japan, Singapore, Malaysia, Vietnam, etc., to support its financial inclusions by expanding the financial services to the unbanked and rural areas of the country, which include both deposit and withdrawal of services in those areas, creating a demand for the currency counting machines due to its applications in easing the BFSIs operations in note counting while depositing and withdrawing the currencies.
- The expansion of bank branches in the APAC countries is supporting the market growth during the forecast period. For instance, in December 2022, the State Bank of Vietnam approved Public Vietnam Bank's eligibility to operate another branch in the country, increasing the retail banking solutions and ATMs in the region. The services would increase the demand for currency counting machines for the bank's services due to their ability to automate cash management.
- The Growth of NBFCs (Non-Banking Financial Companies) and MFIs (Micro-Finance Institutions) in developing countries, such as India, would fuel the need for currency-counting machines to support their cash deposit and withdrawal services. For instance, in December 2022, the Investment Information and Credit Rating Agency of India reported that the country's retail-focused NBFCs are expected to grow over 12% in FY 2023-24, which would accelerate the need for currency-counting machines in the NBFCs because these institutions would need cash-counting devices to give loan to the retail sector requires cash for their business.
- The capability of fake note detection in the currency counting machines is fueling the market growth due to the increasing number of counterfeit currencies reported by police and central banks of various countries of the APAC region. For instance, in December 2022, the Agra Railway Police of India seized fake currency notes worth INR 1.5 lakh at the Mathura Junction railway station, and the arrested counterfeit note revealed that a Chinese company was sending them the security paper to print the fake currency.
- Market vendors of the APAC region, such as TVS Electronic of India, have launched TVS CC-232 Classic, designed with a big front display and buttons with a display range of 1-999, which would automatically detect fake notes with ultraviolet and magnetic radiations and also counts old and new notes with a high level of precision and speed to support the market growth.
Currency Counting Machine Industry Overview
The Global Currency Counting Machine Market is semi-consolidated due to the presence of many global companies, such as Billcon Corp of America, Swaggers Technologies, Crane Payment Innovations, Glory Global Solutions (International) Limited, and Guangdong Baijia Baiter Co., Ltd., among others, which have contributed to the overall market share. Currency Counting Machine Market vendors increasingly focus on delivering enhanced solutions through product innovations, collaborations, and investment in R&D to increase their market presence during the forecast period.
In March 2023, Glory Global Solutions (International) Limited, a company in cash technology solutions, announced that AEON Stores (Hong Kong) Company Limited, which operates ten departmental stores, 43 Living PLAZA by AEON and 27 Daiso Japan amongst other brands, has chosen the company's CASHINFINITY solutions of Glory Global Solutions (International) Limited for both front and back office cash automation systems, which includes the automated currency counting capabilities.
Currency Counting Machine Market Leaders
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Billcon Corp of America
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Swaggers Technologies
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Crane Payment Innovations
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Glory Global Solutions (International) Limited
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Guangdong Baijia Baiter Co., Ltd
- *Disclaimer: Major Players sorted in no particular order
Currency Counting Machine Market News
- May 2024 - The tech giant, Apple, launched two company-owned stores in India last year. One in Mumbai and another in Delhi. These two stores in India have a direct reporting line to the Apple retail team in the US. Other Apple Indian stores have to report to Apple India Sales Operations. The former sales are also included in the global financial records. Among all the hurdles which this tech giant might have expected in their meeting, the cash inflow must have been at the bottom of it. The company had to install currency-counting machines to efficiently analyse the amounts that were given in cash by the customers.
- August 2023 - Crane Payment Innovations, a division of Crane NXT, has introduced Paypod Compact, a front access cash automation solution for retailers seeking fully customizable self-service or attended lane checkout systems, according to a press release.The front-access Paypod variant, equipped with CPI note and coin acceptors, is a front-access solution compared to its rear access and tabletop predecessors, enabling integration into multiple applications to automate cash acceptance and minimize wait times for customers.
Currency Counting Machine Industry Segmentation
The currency-counting Machine can be defined as the Machine installed in the cash counter of various businesses such as BFSIs and retail shops to ease the business's cash-counting activities efficiently with less time and accuracy.
The currency counting machine market is segmented by type (generic machines, hi-speed & heavy-duty machines, intelligent counting & fake note detection machines), end-user (BFSI, retail, ccommercial), and geography (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa). The market sizes and forecasts are provided in terms of value in USD for all the above segments.
| By Type | Generic Machines |
| Hi-speed & Heavy-duty Machines | |
| Intelligent counting and Fake Note detection machines | |
| By End-user | BFSI |
| Retail | |
| Commercial | |
| By Geography*** | North America |
| Europe | |
| Asia | |
| Australia and New Zealand | |
| Latin America | |
| Middle East and Africa |
Currency Counting Machine Market Market Research Faqs
What is the current Currency Counting Machine Market size?
The Currency Counting Machine Market is projected to register a CAGR of 5.42% during the forecast period (2025-2030)
Who are the key players in Currency Counting Machine Market?
Billcon Corp of America, Swaggers Technologies, Crane Payment Innovations, Glory Global Solutions (International) Limited and Guangdong Baijia Baiter Co., Ltd are the major companies operating in the Currency Counting Machine Market.
Which is the fastest growing region in Currency Counting Machine Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2025-2030).
Which region has the biggest share in Currency Counting Machine Market?
In 2025, the North America accounts for the largest market share in Currency Counting Machine Market.
What years does this Currency Counting Machine Market cover?
The report covers the Currency Counting Machine Market historical market size for years: 2019, 2020, 2021, 2022, 2023 and 2024. The report also forecasts the Currency Counting Machine Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.
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Currency Counting Machine Market Industry Report
Statistics for the 2025 Currency Counting Machine market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Currency Counting Machine analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.
