Cheque Scanner is a key component of the RBI's Cheque Truncation Program to reduce the Cheque Clearing Process time period and minimize the distribution of fraudulent checks in the banking system by multi-stage scanning. Using conventional brick and mortar bank branches as well as automated Cheque deposition kiosks. Additionally, MICR readers have the capacity to comprehend only MICR fonts printed in a particular format and can accept only a few different characters, which also restricts the growth of the global market for cheque scanners.Īfter the Reserve Bank of India’s mandate to accept only CTS-2010 compliant clearing cheques was implemented, India's Cheque Scanner market has seen profound growth. In comparison, putting a roadblock on the market is the high cost of readers and printers for magnetic ink character recognition (MICR). High print and reader costs hamper the market growth For high-quality, high-performance, and cost-effective financial check printing and documentation, they rely on MICR technology. Moreover, end-users such as government, transport, retail, and banking, financial services and insurance (BFSI) contributes to their market. Its demand is primarily driven by the necessity for secure and speedy document management technology in the nations cross the globe. Magnetic ink character recognition (MICR) is a technology used to validate, specifically checks, the legitimacy or originality of paper documents. Requirements for fast and secure document management technology The global cheque scanner market trends are as follows: The incorporation of MICR readers into ATM machines is, however, expected to create demand for cheque scanners worldwide. Furthermore, thrust on advanced banking and financial sector technologies is expected to hamper the market’s growth. The emergence and subsequent popularity of digital transactions has dealt a significant blow to the global device market for magnetic ink character recognition (MICR). Most of the scanners were mounted in the cheque deposition kiosks in the Single Feed range. Banks have appeared as the chief user of these in the Multi Feed Check Scanner category, with majority of the scanners used as Desktop Cheque Scanners to be operated by a bank teller. In addition, branches of commercial banks are also expected to grow in the coming years with emphasis now moving to digital bank branches to improve productivity and lower operating costs.

Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact AnalysisĬheque scanner Industry is expected to grow significantly due to increase in demand for single feed check scanners, which can be integrated into cheque deposition kiosks to scan deposited cheques as well as to produce receipts. This COVID-19 lockdown would help companies think about more advanced cheque scanner industry to enhance efficiency. Once the situation improves, production, supply chains, and demand for cheque scanner market are gradually going to increase. The impact of COVID-19 on this market is temporary as just the production and supply chain is stalled.

Global factories have struggled to integrate new this market as workers have stayed in their homes, which disrupted the global supply chains. New projects throughout the world have stalled, which, in turn, have led to decline in demand for analog semiconductors. Global cheque scanner market has been significantly impacted by the COVID-19 outbreak. By the time, check scanners have greatly improved and are far more proficient in speed, cost, document handling, and paper handling. It uses recognition of magnetic ink characters (MICR) to read the data on a check. It gathers paper check data and generates a replica image file subsequently. The detectors use light as well as dark variations to produce digital image by translating 'dark' and 'light' into data. Under a bright light these lights sweep over the surface of a cheque. This scanner comprises a sequence of little light detectors positioned in a line. Cheque scanner scans both back and front of payment and transforms paper check to a legitimate digital image.

How to scan a cheque