The integration of cheque scanning technology with digital banking platforms is a growing trend in the market. As financial institutions shift to digital banking services to satisfy changing client expectations and improve operational efficiency, there is an increasing need to seamlessly integrate cheque scanning capabilities into digital banking platforms. This trend allows clients to deposit checks remotely via mobile banking applications or online banking portals, removing the need for actual visits to bank locations.
Authors:
Avinash Singh, Sunita Singh
Frequently Asked Questions (FAQ) :
The market size of cheque scanner was reached USD 770 million in 2023 and is anticipated to register a CAGR of 5.9% between 2024 and 2032, driven by the increasing volume of cheque-based transactions, particularly in sectors such as banking, finance, and retail.
Multi-feed cheque scanners segment held a dominant market share of over 75% in 2023 and is expected to reach 78.09% by 2032, as they can process numerous cheques at the same time, resulting in increased productivity and throughput than single-feed scanners.
Asia Pacific market for cheque scanner held a revenue share of over 45% in 2023 and is set to gain traction through 2032, driven by rapid economic growth, urbanization, and expanding middle-class population base.
ARCA, Burroughs Smart Source, Burroughs, Inc., Canon Inc., CTS Electronics, Digital Check Corporation, IBML, MagTek, Inc., MiTek Systems, Inc., NCR Corporation, Panini S.p.A., RDM Corporation, Seac Banche S.p.A. are some of the major industry contenders.
