Research carried out by banknote production company De La Rue has revealed that the global demand for banknotes is currently at its lowest level in 20 years.
De La Rue, which printed paper banknotes and provides polymer for newer banknotes, stated that the demand for physical cash has fallen since the pandemic, with the popularity of online shopping only exacerbating the issue.
The research showed that consumer use of cash in a number of countries has declined as an increasing number of transactions are being made via contactless means or online.
A decade ago, 60% of all payments were made using cash: currently, as little as 15% of payments are made in cash, and indeed industry figures suggest that over 23 million people in the UK use cash as a form of payment just once a month, or not at all. And according to banking trade body UK Finance said, cash use is still forecast to drop, accounting for just 6% of payments by 2031. The age of the cashless society is dawning…