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Banknote Production Facing a Transformation Process18 января 2016 года, 16:23

Banknote Production Facing a Transformation Process

Arkady Trachuk, General Director, Goznak

Next year we will observe continuation of the growth of the share of cashless payments in the majority of advanced and developing economies of the world.

In Russia, in spite of the uneasy economic situation, this process will also continue.

Nevertheless, we do not expect a decrease of the number of banknotes in circulation. Moreover, due to the deferred demand during the previous years, the volume of banknote production in Russia in 2016 may be higher than in 2015.

On the whole, the banknote production industry is facing a transformation process now. We observe moving the production sites closer to the customers, the leading companies in the industry focusing on the development and production of components with high value added costs, creating strategic alliances of a few manufacturers for serving the regional markets, an emphasis on developing technologies for serial number reading, and big data processing as applied to the banknote circulation.

Many manufacturers are changing their strategy and are paying more attention to informational technologies and information processing systems in the field of payments, getting away from the printing industry proper. During the next few years, it will be clear which of the leading banknote manufacturing companies will enter the new league of the IT players, and which will concentrate on the narrow segment of banknote production, having decreased their costs noticeably.

In any case, the future will belong to those companies, which will be able to offer complex solutions in both the sphere of cash circulation servicing and the payment field generally.

Source: CURRENCY NEWS Volume 13 – No. 12 /december 2015
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