KORT and Paythings Target Retail's Final Frontier: Physical Cash

TORONTO, ON – May 28, 2026 – In an era dominated by taps, swipes, and digital wallets, Canadian payments provider KORT Payments is making a significant bet on modernizing the most traditional transaction method of all: physical cash. The company today announced a strategic partnership with Paythings, an AI-powered cash operations platform, to roll out smart safe technology to retailers across Canada.

The collaboration aims to replace the time-consuming, risky, and outdated manual processes of cash handling with a streamlined, data-driven system that promises real-time visibility, next-day access to funds, and substantial cost savings. While the payment landscape rapidly digitizes, this move acknowledges a persistent reality for Canadian businesses: cash is not disappearing, but the way it's managed is long overdue for a technological overhaul.

The Enduring Challenge of Cash

Despite the rise of digital payments, which now account for the vast majority of transaction value in Canada, cash remains a stubborn and significant part of the retail ecosystem. Recent data from 2024 shows cash is used in 21% of all purchases by volume, holding its ground as the third most-used payment method behind debit and credit cards. With approximately 80% of Canadians still carrying cash and 92% of merchants planning to continue accepting it, the need to manage physical currency efficiently is not going away.

For retailers, however, managing cash is a major operational headache. The process is fraught with hidden costs and inefficiencies. Manual tasks like counting tills, reconciling balances, preparing bank deposits, and physically transporting money are labor-intensive, pulling employees away from customer-facing roles. This manual handling also introduces significant risk, from simple human error in counting to internal and external theft—a problem exacerbated by recent reports of high-quality counterfeit bills in circulation.

Furthermore, traditional cash management ties up a retailer's most vital resource: working capital. Cash sitting in a back-office safe or in transit to the bank is "idle cash," unavailable for reinvesting in inventory, paying suppliers, or covering operational expenses. The delay between a cash sale and the funds becoming available in a business bank account can strain cash flow, a critical issue for businesses operating on thin margins.

AI Enters the Cash Room

The KORT and Paythings partnership directly targets these long-standing pain points by integrating intelligent hardware with a sophisticated cloud platform. At the center of the solution is the Paythings Smart Safe, a secure, cloud-connected device installed in the retail location. Employees can deposit cash throughout the day, where it is automatically counted, validated for counterfeits, and secured.

"Retailers have been forced to work around outdated cash handling processes for too long," said Clifford Richstone, Chief Revenue Officer of Paythings, in the announcement. "We've built a system that changes how teams operate. Cash handling becomes faster and more reliable, without relying on manual steps."

Once cash is deposited, the platform provides immediate visibility. Managers can see real-time cash positions across one or multiple locations through a cloud-based dashboard, eliminating the guesswork and delays of manual reporting. The system creates a complete digital audit trail for every transaction, flagging unusual activity and dramatically reducing opportunities for shrinkage.

The most significant financial impact comes from liberating trapped working capital. Because the system validates and records deposits instantly, the funds are made available to the retailer as soon as the next business day. Paythings reports that retailers using its platform typically see an 85–90% reduction in their required cash float. The company also claims savings of over $500 per month per location from reduced labor for deposit preparation and fewer bank runs, along with a 25–60% reduction in shrinkage.

"There's been very little innovation in how businesses handle physical cash," noted James Good, Chief Revenue Officer at KORT. "What Paythings has built gives operators immediate visibility into their cash and a simpler way to manage it across locations. That has a direct impact on how efficiently stores run day to day."

Navigating a Competitive Landscape

KORT and Paythings are entering a well-established and growing market. The Canadian smart safe market was valued at over USD 168 million in 2024 and is projected to grow at a steady 7% annually. The space is dominated by global security and logistics giants like Brink's, Loomis, and the Canadian-based GardaWorld, all of whom offer mature smart safe and cash-in-transit solutions.

These incumbents have long provided retailers with armored transport, cash processing, and their own versions of smart safe technology. The core value proposition—reducing theft, improving efficiency, and providing faster access to credit—is a common theme across the industry.

Where the KORT-Paythings partnership aims to differentiate itself is through its "technology-first" approach and deep integration into a broader payment ecosystem. Paythings emphasizes its AI-powered software, which not only automates reconciliation but also provides predictive forecasting to help businesses optimize cash flow. This focus on data and analytics aligns with the broader trend of IoT and AI integration in the industry.

However, the most critical strategic element may be KORT's role as an omnichannel payments provider. By embedding Paythings' cash management into its existing suite of digital payment processing services, KORT can offer retailers a single, unified platform—PayHQ—to manage and analyze all their transactions, whether they originate from a credit card tap, an e-commerce checkout, or a cash deposit into a smart safe.

KORT's Vision for a Unified Payment Ecosystem

This partnership is a key move in KORT Payments' aggressive strategy to build a comprehensive payment infrastructure. Led by a seasoned management team that previously founded and scaled Optimal Payments into the global giant Paysafe Group, KORT is focused on expanding beyond its traditional verticals into new markets and services.

The company's strategy hinges on creating a true omnichannel experience, acknowledging that modern retail is a complex blend of physical and digital interactions. By adding sophisticated cash management to its portfolio of e-commerce and in-person digital payment solutions, KORT is positioning itself as an end-to-end partner for businesses. This allows a retailer to have one relationship and one platform for a complete view of their revenue, streamlining operations and simplifying financial oversight.

This integrated approach directly addresses the fragmented nature of retail payment systems, where businesses often have to juggle separate vendors for in-store card processing, online payments, and cash handling. By unifying these streams, KORT aims to provide not just processing, but actionable intelligence derived from a complete data set. This move solidifies KORT's ambition to be a central, innovative force in the payments industry, providing merchants with the tools to manage every dollar, whether physical or digital, with equal efficiency and security.