Plastic Money – Plastic gaining currency over paper An increasing number of countries are now trading in their paper currency for plastic. No, not credit cards as plastic money were known till now, but actual plastic bank notes.With the UK and India too planning to introduce plastic notes, they will be joining a growing group of nations that have already vouched for the safety, security, cost-effectiveness, durability and environment-friendliness of the plastic money.With such proven advantages over the paper money, it’s just a matter of time other countries, including the region, will join the plastic bandwagon, point out industry experts.For the plastics industry, this is great news: polymer supply, machinery investments, employment, skills and training are all set to bring in more benefits for the sector.Plastic notes are already on field trial in several cities of India, and the plastics industry there being an integral part of the upcoming Plastivision Arabia 2014, the regional industry is keenly awaiting future developments on this front.Expo Centre Sharjah is organising and hosting the 2nd Plastivision Arabia jointly with All India Plastics Manufacturers Association (AIPMA) from April 7 to 10, 2014. “More than 25 countries already use the plastic bills; while the UK is planning to introduce the plastic money from 2016 and India is conducting field trials in five of its cities. A major chunk of Plastivision Arabia participants are from India and the show is set to witness how things shape up for the plastics industry. Bangladesh and Sri Lanka too may be looking at better technology and materials in this regard,” said Mr. Saif Mohammed Al Midfa, CEO, Expo Centre Sharjah.As of 2014, at least eight countries have converted fully to polymer banknotes -- Australia, Bermuda, Brunei, Canada, New Zealand, Papua New Guinea, Romania and Vietnam. About 17 other countries and regions, including Bangladesh, Sri Lanka, Thailand and Malaysia, have notes printed on polymer in circulation. In the GCC, Kuwait has commemorative banknotes (which are not in circulation) printed on Guardian polymer.Plastic money has a lot of advantages over paper. “Plastic notes last up to five times longer than paper notes, hence they save money in printing costs. Plastic is less polluting, and the production process of the material is more energy-efficient,” said Dr. Abdulwahab Al Sadoun, Secretary General, Gulf Petrochemicals & Chemicals Association, GPCA.Polymer material has more benefit to the environment than paper notes – they are recyclable. It also performs better in vending machines, and is harder to counterfeit. And unlike paper currency, plastic money doesnt shed tiny bits of ink and dust that confuse optical readers of ATMs. “Plastic money also stays cleaner and becomes less grubby than paper money, because the non-porous surface doesnt absorb perspiration, body oils, or liquids. In fact, the plastic money is virtually waterproof, so the bills wont be ruined even if they end up in the washing machine,” added Dr. Sadoun.“Countries planning to introduce polymer notes will need new technology to print their notes. Our concurrent show, the Print Pack Arabia, again held in association with an Indian entity, the Indian Printing, Packaging and Allied Machinery Manufacturers Association (IPAMA), will be able to provide required printing solutions,” added Mr. Midfa.Industry observers see the entry of plastic money as another example of how flexibility and adaptability of plastics are constantly changing the facets of modern life, bringing much more convenience and efficiency in day-to-day life.
Posted on: Sun, 23 Mar 2014 05:53:45 +0000
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