Prosegur Cash will invest S/ 25 million over two years to improve services in technology | economy

What were your results for the first quarter?

We had a rough start. The negative impact on the economy at the beginning of the year affected our business. The demonstrations, added to factors derived from Cyclone Yaku, complicated cash flow nationally and reduced our income or traffic volumes by 10%.

What steps have you taken to address this situation?

Due to our proximity to our customers, we have been able to carry out operations. The most troubled areas were in the south, mainly in Huancayo and Cusco, which had a month and a half of complications. The most affected city was Juliaca, but thanks to rapid integration with major banks and retailers, we saw how to operate to issue and collect cash.

After this start, what growth prospects do you have at the end of the year?

We are aiming to close over 100 million in billings this year, which translates to 6% growth over last year. In 2024, we expect 8% growth over 2023.

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Diversification of services

How is business segmented based on its service lines?

At the sales level, we have listed traditional and new products. A few years ago, the traditional business of money transfer and processing through our armored vehicles represented almost 90% of Prosegur money. Currently, 30% of our income comes from new technological solutions, which has allowed us to better distribute our income.

What strategies do they have?

Following the company’s three-year plan, we have focused globally on diversifying our portfolio of services with a more robust technology component. We have introduced Cash Today, an ATM-like machine for the retail sector, which allows all users and individuals collecting cash to go directly with a specific code and deposit cash with advanced security measures. This technology has allowed our customers in this industry to improve many operations and do without any shortages. If there is a cash related incident, we take care of it.

In this line of innovations, what’s next for Cash Today?

Currently, we are working with specific machines for companies. Looking to the future, we are developing solutions that allow multiple companies to use the machines in an integrated space such as a shopping center or market. In this way, medium and small companies will be closer to this option.

What plans do you have for the financial sector?

We continue to implement automation of bank branches and deployment of new ATM networks. This implementation will be supported by new self-management technology platforms, where customers can access information online, not at the end of the day as before.

What is the amount of investment earmarked for the continued development of these projects?

We plan to invest S/ 25 million over the next two years to improve and expand our Cash Today service, ATM network and technical operations for expansions. Undoubtedly, it requires a lot of advanced technology when it comes to integrating systems and guaranteeing security.

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What other opportunities does the country identify?

We find growth in provinces where cities are performing much better and even stronger than Lima, which is already a saturated market. We see more opportunities in the center and north of the country as activity in the south is slow to resume. For this reason, depending on how the economic recovery unfolds, we are evaluating some future expansion of new operations in emerging cities, but we do not have a plan yet. In terms of sectors, direct-to-public companies should show significant improvement as the economy recovers and domestic consumption picks up.

How relevant is the Peruvian market for Prosegur cash in the region?

We operate in more than 20 countries. In Latin America, a vital region for the company, Peru has been doing very well over the years because we have developed many innovative services. We have the luxury of sharing good practices with other countries in Latin America and other regions.