This article provides further light on a topic addressed in Currency News™ last May, namely the development of the number of banknotes in circulation. The estimate then was like a first trial and resulted globally in 921 billion banknotes. It was based on data available at the time consisting mostly of end-2023 or 2024 figures.

Technological innovation is advancing at a pace that is transforming how societies pay, transact, and interact. Changes that once unfolded over decades now occur within years, fundamentally redefining the role and nature of money. As reflected in our new white paper ‘Currency Fast Forward – Future Developments of the Currency Cycle’, one insight stands above all: the future of money will not be determined by a choice between physical and digital forms, but by their ability to coexist and reinforce one another.

35 years ago, in 1991, Papua New Guinea (PNG) introduced its first polymer banknote – the 2 kina. This made it the first country after Australia to adopt the then new technology, and helped begin a period of change in currency across the Pacific region.

As we reported in the final issue of 2025, the currency industry appears to be booming. We posited on various reasons why – geopolitical uncertainty, rebuilding of strategic stocks, economic growth in the Global South in particular, shorter design cycles with more frequent upgrades and new issues, and the occasional large lumpiness of overspill orders.

The first issue of 2025 explored opportunities for a digital transformation in currency management through the use of data and analytics.

Cash processing plays a crucial role in Pakistan’s financial system, ensuring liquidity, security, and public confidence in an economy where physical currency remains widely used. Despite the growing adoption of digital financial services and a determined push by the government to reduce dependency on cash, it continues to dominate daily transactions, particularly in the informal sector (which generates over 40% of GDP).

Hanoi-based Q&T Hi-Tech Polymer is the newest entrant to the market for polymer substrate market, and is already supplying its POLYSECURE® product for Vietnam’s banknotes. At the recent Currency Conference in Bangkok, the company unveiled its latest innovation – POLYSECURE® SHIELD.

The presentation at HSP Latin America by Ian Brigham of Spectra Systems covered the new house note that has been produced by Casa da Moeda do Brasil on its Fusion™ polymer substrate. The ‘Boa Sorte’ note incorporates a level 3 taggant unique to Fusion as well as, for the first time, a new level 1 optical security feature from Oberthur - Kryptonome™.

Banknote security is an undisputable must. But what are the developing trends in banknote security, and how are industry suppliers meeting these challenges?