Godrej Security Solutions (GSS) has launched “Cash Sterion”, a product based on Plasma Ion Technology (PIT), to help banks sterilise currency notes even as they get counted on the note counting machines at branches and currency chests.

GSS, a division of Godrej & Boyce Manufacturing Company, has entered into an exclusive tie-up with Korea’s SMI to introduce this product in India, according to Pushkar Gokhale, Head of B2B & Vice President.

“Banks being at the forefront of cash transactions, the tellers are highly exposed to the COVID-19 virus. So, we came up with a solution which is based on the Plasma Ion Technology (patented by Sharp, Japan). This is one of the most effective ways of neutralising the pathogen,” said Gokhale.

He observed that bankers wanted the solution to work on a real time basis, not impacting the time taken for transactions.

“So, we have been able to launch for the first time a product based on this particular technology, which sanitises/ sterilises the currency notes even as it is being counted. It (Sterion) is actually an enclosure. So, if you want to sterilise the cash, you can put the cash counting machine inside this enclosure,” said Gokhale.

Multiple applications

Besides banks, ‘Cash Sterion’ can be used by multiple businesses — jewellery shops, courier services and cash-in-transit (CIT) companies.

“Jewellery is something which people want to try out. So, there is a likelihood of the virus spreading. This product will ensure sterilisation of jewellery in a few seconds so that the next customer can wear it,” Gokhale said.

The product can also be used by third party service providers (CIT companies) who fill cash in the ATMs.

Gokhale emphasised that if cash is sterilised at source (the point at which CIT companies fill the cassettes with cash for replenishing the ATMs), the cash coming out of the ATM will be relatively free from the virus.

The starting price of the product is ₹95,000 and goes up to ₹2 lakh, depending on the size, features and accessories, he added.

GSS expects to clock about ₹30 crore of revenue from this cash sterilisation product in the next one to one-and-a-half years.