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Global Banknote Market Sees Increase in Polymer Substrates Adoption, While Digital Payments Rise in Key Economies

Global Banknote Market Sees Increase in Polymer Substrates

Global Banknote Market Sees Increase in Circulation and Adoption of Polymer Substrates, While Digital Payments Rise in Key Economies

In recent years, the global banknote market has experienced significant growth, with the total number of banknotes in circulation increasing from 41.6 billion in 2017 to 50.3 billion in 2020. The rise in volume was primarily due to the adoption of polymer substrates, which are more durable, environmentally friendly, and less expensive to produce and replace. As of February 2021, 15% of the global substrate market, or 147 denominations, were made of polymer.

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However, digital payments have also been on the rise in key economies around the world. In the United States, market leaders like PayPal and Google Pay have simplified banking transactions and transformed the industry. The number of online purchases has increased significantly in the US following the pandemic, and it is anticipated that the total transaction value in digital payments will reach USD 1801 billion in 2022.

Similarly, the UK has seen a huge increase in online payments in e-commerce since the pandemic, with PayPal and other fintech businesses entering the market to offer solutions. Brazil is also making progress towards the shift to internet payments, with many people switching to digital methods. In Nigeria, numerous apps like Tingg, Paga, and Mobile Money exist, and the prevalence of digital payments is strong following the pandemic.

Overall, the global banknote market continues to see growth, but digital payments are also becoming increasingly prevalent. As economies around the world continue to evolve and adapt to changing circumstances, it will be interesting to see how both of these trends continue to develop.

For more insights into the global banknote market, check out the latest report from Makreo Research: "Global Banknote Market Analysis and Forecast 2028: Segmentation by Region, Technology and End-User Industry". This report provides a comprehensive analysis of the market, including segmentation by region, technology, and end-user industry. It also offers insights into the latest trends, growth drivers, challenges, and opportunities in the market. Don't miss out on this valuable resource for industry professionals and investors. Visit Makreo Research's website to learn more and purchase the report.

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