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Banknotes consisting of a synthetic polymer, like BOPP (Biaxially Oriented Polypropylene), are known as polymer banknotes. These plastic notes use metameric inks, among other security elements that are not present on paper banknotes. Polymer banknote has a lower impact on the environment than paper banknote and costs less to produce and replace since they last that much longer.
On Monday, July 5, 2021, the CBE (Central Bank of Egypt (CBE) issued the nation's first plastic polymer banknote of EGP 10. It was the maiden venture and unique decision implemented by Egypt, where people were accustomed to using paper money. According to the Al Ahram news agency, the CBE stressed that while both types of currency would be used in the local market, the new banknotes won't completely replace the paper variety.
In 1988, Australia became the first nation to use polymer banknotes. Australia has switched over entirely to these banknotes by 1996. New Zealand, Canada, Romania, Brunei, the Maldives, Mauritania, Nicaragua, Vietnam, and Papua New Guinea are nations that have entirely polymerized their currency notes.
Advantages of Polymer Banknotes
All are familiar with banknotes and how to handle them. Although the majority of them are made of paper, most prominent countries in the world are increasingly switching to polymer banknotes. Following are five unique benefits that have made polymer banknotes so trending:
- Waterproof: Water cannot penetrate polymer. Intense humidity or moisture will consequently not have a significant impact on the polymer banknote.
- Dirtproof: Polymer banknotes have a very flat surface. As a result, dirt has less impact on them. Moreover, it is not too difficult to clean the banknotes if they become soiled.
- Long Lasting: Polymer banknotes can tolerate extremely high or low temperatures in addition to being water and dirt-resistant. They don't experience a lot of local weather conditions.
- Recyclable: Banknotes made of polymer are recyclable. The shredded polymer notes just need to be palletized at high temperatures. The recycled plastic pallets can then be utilized to create new plastic products like compost bins, power outlets, flowerpots, and so on.
- Difficult to Counterfeit: High-tech security components can be added to polymer banknotes, in part due to the polymer's three-dimensional design. It requires a special, pricey, but efficient technology that can significantly lower the incidence of counterfeiting or forgery.
Difference between Polymer and Paper Banknotes
Money serves as an exchange medium and assists in the ease of transactions. Paper money and plastic money are both acceptable forms of payment.
Paper money is a type of representational currency that is often issued by a nation's central bank and is backed by gold and foreign exchange reserve. They are also known as fiat money since they are widely accepted and may be changed into silver or gold on demand.
On the other hand, all plastic money issued by banks, such as debit and credit cards and currency, is referred to as plastic money. Such cards can be used for a variety of transactions up to the set limit by the cardholder. Consequently, they serve as an alternative to conventional paper money.
Plastic banknotes are more resilient to tearing, folding, and microorganisms, making them more long-lasting. Additionally, they perform better in automated sorting processes and ATMs.
Money Counting Machines for Plastic Money
The use of plastic currency is being forced upon governments of many countries by the global move toward polymers. Comparing polymer banknotes to the present cotton-based paper notes, they are 2.5 times more durable. These notes are created using a transparent plastic film that has been inked on both sides.
Ribao Technology permits transparent design elements and offers protection against imitations. Additionally, the conversion to polymer-based banknotes will result in fewer machine rejections and lower destruction rates, improving ROI. Polymer-based banknotes are also strong and include cutting-edge technology.
They are, therefore, quite helpful in businesses that handle huge quantities of cash. Because our weight-based currency counters are effective at counting banknotes made of polymer, it will increase demand for them.
A currency counter that operates on weight selects coins or notes in groups. The machine divides the overall weight on the machine by the stored weight for each coin or note and then compares this weight to the stored weight. The device is quite effective and estimates the amount of money in a matter of seconds. Throughout the forecast period, this will further fuel market expansion.
Our money counting machine products are built and programmed to work best with plastic banknotes. We at Ribao Technology use rubber materials for our products imported from the United States to create twist blocks since plastic banknotes are thin and simple to open again, lowering the chances of false alarms. Ribao money counting machine products feature a static-conductive element in the coin hopper to lessen the influence of static electricity because polymer banknotes are subject to trigger static electricity.
Conclusion
Plastic banknotes can withstand water, are favorable to the environment, and significantly lessen attempts at money laundering.
Ribao Technology is continually looking for ways to enhance the accuracy of its counterfeit detection and recognition through its cash counting and sorting equipment. Now, financial institutions can easily handle fresh polymer banknote issuance.