RBS to issue polymer bank notes

RBS to issue polymer bank notes

Royal Bank of Scotland is the latest cash issuing bank to commit to the use of polymer bank notes rather than old school cotton paper.

A plastic £5 note is expected to be issued north of the border by the Scottish bank in the second half of 2016 and the £10 in 2017. This follows the time scale outlined by Bank of England, Clydesdale Bank, and Bank of Scotland, who have all confirmed plans to move to the more durable notes over the next two years.

RBS has been issuing banknotes since 1727 and has an average of £1.5bn worth of notes in circulation on a single day.

The plastic cash, which is smaller than existing paper notes, has been designed by De La Rue using its Safeguard polymer substrate and incorporates new security features, such as colour changing inks.

David Wheldon, chief marketing officer at the Royal Bank of Scotland, says:

“It is very important that people have confidence in our banknotes. The move to polymer notes will bring significant benefits to all those who use them. They will be smaller, cleaner and more secure."

Comments: (1)

Hitesh Thakkar
Hitesh Thakkar - SME - Fintech startups (APAC and Africa) - India 08 September, 2015, 10:34Be the first to give this comment the thumbs up 0 likes

Plastic Notes is good option to keep notes in circulation apart from changing ink technology increasing security envelope but, how can it reduce risks such as counterfeits becuase frudesters always comes with technology to incorporate features meants for security.