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CEO Brinks says cash usage has increased during the pandemic



According to the CEO of Brinks, digital retail sales have surged during the coronavirus pandemic because consumers at home spend more time spending money online, but cash is still the most important thing.

Doug Pertz, the chief executive of the cash management company, told CNBC’s Jim Cramer on Tuesday that the company’s cash-carrying armored trucks are well known, and there are data showing that Cash flows are even higher than pre-pandemic levels.

“Potential investors are confused about the reduction in cash,”

; but “the power of cash is as strong as before. [used] Economic development is also strong. “He said in an interview with Crazy Money.

Although digital transactions are becoming more and more popular in an increasingly untouched world, physical currencies are still the main means of in-person retail purchases. Pertz explained that the results have not changed substantially from a year ago.

He pointed out that quoting information from the Federal Reserve, cash flow has increased by 16% year-on-year, higher than the median single-digit compound annual growth rate over the past three decades.

In addition, the company stated that 35% of physical purchases in the United States continue to be made in cash.

As for Brinks, it said that the cash processed through the system was 6% more than in previous years.

Pez said: “This clearly shows that the cash will not disappear.”

Brinks released its fourth quarter and full-year results for 2020 before the stock market opened for trading on Tuesday, and its stock price rose more than 6% to $80.86 on that trading day. The company exceeded analysts’ expectations for the quarter, achieving revenue of $1.02 billion and earnings per share of $1.64. Revenue increased by 9% over the same period last year. This is Brinks’ best growth quarter since 2018.

The decline in sales in the first half of the year hurt annual revenue of US$3.69 billion, which is only slightly higher than the company’s revenue in 2019.

However, Brinks does see the future of digital cash management. Pertz said that about a third of physical retail transactions are still completed in cash, and Brinks hopes to provide an integrated solution.

He pointed out that the solution can help retailers convert physical cash into digital form in stores, similar to the way debit and credit card digital cash providers make payments.

He said: “We think we can provide this kind of digital cash management solution, and this is what we will do next.” “This is a comprehensive basis for us to move forward. We think that the solution is indeed very important, and in cash There is still a huge untapped market in the management field.”


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