Crisis maintains high demand for physical money, says company that prints banknotes

There is still a lot of life in traditional banknotes, said printing company Koenig & Bauer Banknote Solutions, as the coronavirus and the Ukrainian War boost demand for paper money despite competition from other forms of payment.

It is estimated that nearly 90% of the world’s banknotes are printed at least in part by the company’s machines, with production levels of paper money soaring despite the rise of online payments, digital currencies and contactless payment.

“We now see a 2% to 5% increase in its use each year and we predict it will be that way over the next 10 to 15 years,” said Chief Executive Eric Boissonnas.

Their machines are used by almost every country in the world, helping to produce US Dollars, Swiss Francs, Euros and other currencies that have the latest security features to protect against counterfeiting.

“During the pandemic, banknote production had to increase because demand was so much higher,” Boissonnas said.

“If we look at the region around Ukraine, the demand for banknotes has multiplied,” he told Reuters. “In crises, people take money to make sure they can pay in every situation.”