The Future of Banknotes to 2031

How can banknote printers gain a competitive advantage in a digital age? This report covers banknote volumes, regional demand and emerging market growth, alongside security features, machine readability, substrate trends, digital payments, CBDCs and the competitive landscape.

Table of Contents Key Facts and Figures
  • 193 billion banknotes were printed in 2026. This will increase to 212 billion banknotes by 2031.
  • Asia leads on volume. China and India dominate banknote demand.
  • DOVIDs are becoming more valuable and technologically sophisticated, worth $605 million in 2026.
Talk of a cashless society hasn’t slowed the banknote industry. Global production will rise from 193 billion notes in 2026 to 212 billion by 2031, up from 177 billion in 2021, driven by demographics and changing end-user behaviour. 

Asia is the largest volume market. China and India dominate, with substantial further demand from Indonesia, Pakistan and Bangladesh. Digital payments are the main constraint on growth. 

Cards, mobile wallets, instant payments and CBDCs will keep reducing transactional cash use through 2031, especially in advanced economies and increasingly in China, India and Brazil. 

This report draws on extensive primary research, including interviews with central banks, high-security printers and state printing works. It delivers exclusive market estimates and forecasts by technology and geography, technology forecasts, a map of the competitive landscape, and the key opportunities across the banknote printing value chain.

KEY QUESTIONS
  • How can banknote printers gain a competitive advantage in a digital age?
  • What role will CBDCs play in the future of banknotes?
  • How is automation driving development in the banknote industry?
  • What role do emerging markets play in sustaining physical currency? 
ABOUT THE AUTHOR
Dr James Wojtyk has over 25 years of extensive experience in scientific research, technology innovation, and strategic leadership across Canadian academic, government, and industrial sectors. For three years Dr Wojtyk headed up Research and Development in Currency at the Bank of Canada, integrating new technologies into banknotes, advising on counterfeit threats and fostering international collaborations.



 
The Future of Banknotes to 2031

Name The Future of Banknotes to 2031

Date 9/30/2026

Price $6750.00

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