During her speech at the ATM and
CashMoney in physical form such as banknotes and coins. More Innovation Conference on June 13th, Victoria Cleland – Chief
cashierInitially, the person who is responsible for the safe, its opening and closing, and the contents that are safeguarded inside it. Nowadays, at a central bank, the person who is responsible for matters related to the treasury and cash. Their signature would usually appear alongside others on the banknotes issued by the bank. More at the Bank of England (BOE) – urged
banknoteA banknote (or ‘bill’ as it is often referred to in the US) is a type of negotiable promissory note, issued by a bank or other licensed authority, payable to the bearer on demand. More manufacturers to fight back against digital payments and continue innovating in order to stay in the race.
The demand for cash remains strong worldwide despite the rise of contactless payments, but the BOE warned that this might
changeThis is the action by which certain banknotes and/or coins are exchanged for the same amount in banknotes/coins of a different face value, or unit value. See Exchange. More if banknotes are considered outdated. Indeed, figures demonstrate that the value of cash transactions has slightly declined over the past years, suggesting that consumers favour e-payments for high-value transactions. Cleland encourages the banknote industry to ensure that
paperSee Banknote paper. More moneyFrom the Latin word moneta, nickname that was given by Romans to the goddess Juno because there was a minting workshop next to her temple. Money is any item that is generally accepted as payment for goods and services and repayment of debts, such as taxes, in a particular region, country or socio-economic context. Its onset dates back to the origins of humanity and its physical representation has taken on very varied forms until the appearance of metal coins. The banknote, a typical representati... More remains fit for purpose and uses technology to its benefit. Indeed, Cleland does not see digital technology as a threat but as an opportunity for cash. She cited the example of ATMs, which now enable consumers to recycle money or make cash charity donations.
The BOE has put their recommendations into practice: the new series of British pounds is made of
polymerA substrate used in the printing of banknotes, made of biaxially oriented polypropylene (BOPP) polymer. Polymer banknotes were first introduced in Australia and are widely used around the world. More, an innovative material designed to last longer than traditional cotton paper and better resist to
soilSee Soiling. More and micro-bacteria. Furthermore, various central banks have decided to use digital tools such as mobile apps to promote their banknotes and educate consumers, demonstrating that paper banknotes and technology can take advantage from each other.