Global Banknote Market Revenue to Grow by more than USD 15.0 billion by 2028: Makreo Research

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The number of banknotes in circulation rose by 7.7% between 2019 and 2020. The biggest demand was seen in the so-called “minimal” countries of Europe, Oceania (primarily Australia), North America, and Latin America, where each of the aforementioned economies experienced double-digit volume growth. African and Asian economies that rely more heavily on cash only experienced a 7.9% and a 5.9% increase in cash volumes during the pandemic, respectively.

The global banknote market is expected to be driven by factors including a rising population and a global increase in ATMs. The rapid expansion of electronic payments and banknote counterfeiting, however, will pose a threat to the industry’s expansion. Adoption of polymer banknotes, security features, automation of cash sorting, usage of long-lasting solutions for currency printing, and implementation of demonetization legislation are a few prominent themes.

Chinese Yuan Granted Higher Weight-
The International Monetary Fund (IMF) has granted the Chinese yuan a higher weight in its five-year review of the special drawing rights currency basket, which reflects global recognition of the currency and China’s economic standing. This review resulted in a 1.36 percentage point increase from the 2016 evaluation, raising the Chinese currency’s weight to 12.28%.

Cash to Cashless Economy-
International payment markets, governments, and businesses are all greatly impacted by the digital transformation (DX) of the global economy. This transformation has also greatly challenged traditional payment systems, as new market players such as large fintech and IT firms have taken on a central role in national and international payment systems.

Impact of Digitization over Banknote-
The world is undergoing a digital revolution, and no sector has undergone as much change as payment and settlement systems. As a result, the average person now has access to a wide range of digital solutions. Consumers can now pick from a variety of options when deciding on a payment method to complete a transaction. Since each payment method has a different use and function, they base their decision on the value they assign to it in the given circumstance. Cash is a well-established and popular payment method in India, just like it is in many other countries. However, it is comforting to see that non-cash payments, particularly those made using electronic or digital channels, are rising quickly.

Further Key Findings-
• Increasing Online Payments: Governments across the world are endorsing digital payments to promote immediate expenditure. Municipal governments in China, for instance, have offered vouchers via WeChat Pay. As the economy begins to recover, China’s transition to a cash-lite society will allow it to stop the spread of disease by supporting quarantines. The demand for cash in the form of banknotes will decrease as internet payments grow.

• Impact of COVID-19: The economic landscape quickly changed as a result of the global COVID-19 outbreak. The necessity to limit physical interaction between individuals and shutdowns both increased demand for digital and online services. The eCommerce sector expanded throughout the epidemic, which hastened the introduction of digital payment methods. These payment options have grown in popularity among shops due to their convenience. The market for banknote and currency sorters is anticipated to grow more slowly due to the decline in cash transactions.

• Increasing Inflation Rate: In 2023, adjustments to monetary and fiscal policy are certainly going to worsen the situation for consumers. Higher interest rates will increase the cost of debt and leave consumers with less money to spend in other areas. As countries face increased borrowing costs in 2023, fiscal policies taken by governments that served to limit some of the inflationary effects on consumers and strengthen purchasing power, particularly of lower-income households, are also anticipated to be scrutinized.

Makreo research has published a study titled “Global Banknote Market Analysis and Forecast 2028: Segmentation by Region, Technology, and End-Use Industry.” This is a detailed evaluation of the banknote market’s performance worldwide that discusses the past, present, and future outlook of the industry. In the recent past, industry has experienced many fluctuations due to the external environment; thus, this study offers an analysis of the industry during the pre-COVID-19 period and post-COVID-19 scenario. Macro-economic analysis has also been carried out to review the impact of changes in external factors on the industry’s performance. The report sheds light on recent trends in the global banknote industry and assesses the industry’s future outlook.

The report examines the global banknote market on the following parameters:

Period of Study:-
2018-2022 : Past and Present Scenario
2023-2028 : Future Outlook of the industry

Market Assessment:-
The report examines the Global Banknote Market Revenue on a variety of parameters, including revenue and forecast performance.

Regions Assessed:-
North America, Europe, Asia-Pacific, UAE

Company’s Mentioned:-
Crane Co., De La Rue Plc, FNMT-RCM, Giesecke + Devrient GmbH, Joint Stock Company Goznak, Oberthur Fiduciaire SAS, Orell Fussli Holding AG, Security Papers Ltd.

For more information on the research report, refer to below link >