A recent Reuters article highlighted the global desire for cash in the face of crisis. Banknote printing company Koenig & Bauer Banknote solutions has found that even with the COVID-19 global pandemic and a war in Ukraine, paper money is still very much in demand. Koenig & Bauer’s machines print nearly 90% of the world’s banknotes.
As Koenig & Bauer celebrated its 70th anniversary of operating in Switzerland, Chief Executive, Eric Boissonnas stated, “Banknotes were there from the beginning and are still there. We see today a 2% to 5% increase in their use every year and we predict it will be like that for the next 10 to 15 years.”
Koenig & Bauer banknote printing machines are used in virtually every country in the world, including in the U.S. They also print Swiss francs, and euros. The machines are capable of printing the most up-to-date security features that protect against forgery.
Cash in a Crisis
Koenig & Bauer has found that especially in times of crisis, banknotes are very popular. Cash has an advantage of being the most secure form of payment since it doesn’t require an internet connection, which is not the case for credit card or contactless payment options. Additionally, cash can be used for payment in any situation. Boissonnas found that during COVID-19 production of banknotes has gone up because demand for cash has been so much higher.
During uncertain times, having cash is one way to help ensure the ability to access what you need and provide some peace of mind.