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Banknote Market on the Rise as Polymer Substrates Gain Popularity, While Electronic Payments Continue to Expand Globally

Banknote Market on the Rise as Polymer Substrates Gain

The global banknote market is experiencing growth in recent years, with the number of banknotes in circulation increasing significantly. According to recent reports, the total volume of banknotes rose from 41.6 billion in 2017 to 50.3 billion in 2020, indicating an increase of nearly 8.7 billion notes. Polymer banknotes are becoming increasingly popular due to their durability, lower environmental impact, and reduced production costs. As of February 2021, polymer substrates make up 15% of the global substrate market.

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In addition to the growth of the banknote market, the adoption of electronic payments continues to expand globally. The United States of America currently has the largest number of online transactions, with PayPal and Google Pay leading the market. The pandemic has further accelerated the adoption of digital payments, with the total transaction value in digital payments in the US anticipated to reach USD 1801 billion in 2022. The UK and Brazil are also making progress towards the shift to internet payments, with numerous choices for digital wallets and apps such as Tingg, Paga, and Mobile Money gaining popularity in Nigeria.

As the world continues to shift towards electronic payments, the banknote market is expected to evolve to meet changing consumer needs and preferences. With the increasing popularity of polymer substrates, the banknote industry is poised for continued growth in the coming years.

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