Insights
Why Cash Still Needs a Voice
A Conversation with Donald Scholz, Banknote Industry News
Digital payments dominate much of today’s public debate. For central banks, however, the future of cash is not a simple question of digital versus physical. It is a balancing act involving resilience, sustainability, security, and public trust.
Donald Scholz sees that complexity every day. As Managing Director of Banknote Industry News (BIN), he and his team track developments across the global cash cycle – from security technologies and substrate strategies to policy decisions shaping how banknotes are designed, produced, and used. From that vantage point, one conclusion stands out: cash continues to play a critical role in modern payment systems even as those systems evolve.
“Cash is not just a means of payment. It is part of a country’s infrastructure and identity,” Donald says. “It supports resilience, it supports inclusion, and it supports trust in the monetary system.”
Watching the Cash Landscape
For more than a decade, Donald has followed the global banknote industry from close range. Through BIN, he and his colleagues monitor thousands of information sources and maintain relationships across the international currency community. Their goal is straightforward – identify the signals that matter to central banks and the wider cash ecosystem.
“We identify and summarize information, evaluate it, and put it into context,” Donald explains. “The aim is not to collect headlines but to help readers understand what developments really mean for the cash cycle and for the decisions central banks are making.”
That perspective matters in a sector that is often misunderstood. Digital payments may dominate headlines, but central banks must manage a much broader set of responsibilities. Cash remains closely tied to financial inclusion, operational resilience, and the credibility of national currency systems.
A Sector Built on Precision
Donald’s path into the banknote world began after earlier roles in international consumer industries. What drew him in was the unusual nature of the field itself.
“Banknote production is extremely precise,” he says. “Specifications cannot drift and deliveries cannot be late. Central banks depend on absolute reliability.”
Working within the industry gave him firsthand exposure to those demands. It also revealed how complex the ecosystem behind cash is. Designers, substrate producers, printers, technology providers, and central banks all play interconnected roles. That complexity helped shape the idea behind BIN.
Today, Donald leads BIN with an international team that supports research, analysis, and reporting across the platform. The team includes Philipp Greulich, Managing Partner, Mrs. Coco Yan, Business Development Asia, and Mrs. Nena Vukicevic, Business Development East Europe, Middle East, Africa.
Donald often represents the publication publicly, while the work itself depends on continuous monitoring, editorial filtering, and contributions from colleagues across several regions.
Why Banknote Industry News
The origins of BIN trace back to the first Banknote Technology Report in 2015. The report aimed to provide a structured overview of new developments in the banknote field. Its reception revealed a broader need within the industry.
There was plenty of information available. What was missing was perspective.
“Our editorial filter is simple,” Donald explains. “If a topic affects the use of cash, strategic planning, or currency operations, then it deserves attention. If it does not add value for most readers, we leave it out.”
This approach shapes BIN’s coverage today. The platform follows developments in banknote issuance, substrate innovation, security features, supplier activity, and policy trends. It also occasionally covers adjacent topics such as digital currencies when those developments affect the wider environment for cash.
“BIN tracks roughly 25,000 sources in more than twenty languages and complements that research with ongoing dialogue across the international cash community.”
Behind that coverage lies an extensive monitoring effort. BIN tracks sources, databases worldwide and gains exclusive insights through its global network of central banks and currency suppliers. This is being complemented with ongoing dialogue across the international cash community.
Modern Banknote Security and Substrate
From BIN’s vantage point, security innovation remains the dominant driver. The latest developments focus on more dynamic, highly engaging features – for example animated elements that deliver smoother visual effects and stronger public authentication.
While modern banknotes contain sophisticated technology, central banks continue to prioritize features that the public can verify easily.
“Public authentication is still essential,” Donald says. “Security features must be robust against counterfeiting but also intuitive for ordinary users.”
Substrate strategy forms another major theme. Cotton banknotes remain widely used, while more central banks are adopting other banknote substrates.
“We see increasing interest in mixed‑substrate strategies,” Donald explains. “Some denominations move to composite or polymer materials while most remain cotton. It is a gradual evolution rather than a sudden shift.”
Sustainability on the Rise
Several other themes have moved steadily higher on central bank agendas. One of the most visible is sustainability. Environmental considerations now play a larger role in procurement frameworks, lifecycle planning, and production decisions.
“Sustainability has moved from a strategic discussion to measurable implementation,” Donald explains. “Central banks are embedding environmental requirements into tenders, and they are looking closely at lifecycle performance, recycling options, and carbon metrics.”
These discussions are rarely straightforward. Increasing use of e.g. durable cotton paper can reduce annual print volumes and improve lifecycle efficiency. At the same time, sustainability strategies also emphasize recyclability, material footprints, and circular solutions. The result is a series of practical trade‑offs.
“The challenge is not choosing one priority over another,” Donald notes. “It is finding ways to optimize durability, sustainability, and user engagement across the full lifecycle of a banknote.”
Communicating the Value of Cash
Technical innovation alone will not determine the future of cash. Communication and public engagement also play an important role.
Donald argues that while enormous effort goes into security features and production processes, public understanding often lags. Many people use banknotes every day without knowing how to recognize key security elements or why certain design choices matter. The use of less cash only worsens declining familiarity with it.
“Communication around banknotes could be stronger,” he says. “Central banks and industry partners invest heavily in design and security, but the public story behind those decisions is not always explained clearly.”
That communication gap helps explain the slogan “Giving Wings to Cash,” which Donald associates with BIN’s mission. The phrase reflects an effort to support payment choice and highlight the continued relevance of physical currency in different regions of the world.
“For many people, cash is simply part of life,” Donald says. “For us all, it is practical, trusted, and always available.”
Still Giving Cash a Voice
Global circulation figures underline that reality. According to BIN survey findings and central bank annual reports, the number of banknotes in circulation grew by roughly 4.6 percent in 2024, and a similar level is expected for 2025 once final figures are confirmed. This does not suggest a disappearing instrument. Instead, they point to a payment method that continues to adapt alongside digital alternatives.
From Donald’s perspective, the future of cash will depend on continued modernization, careful policy choices, and clearer communication about its role.
“Cash’s role in resilience, inclusion, and trust means it will remain part of the global payment landscape for a long time,” he says.
Facts About Banknote Industry News (BIN)
- BIN operates as an independent specialist media and consultancy company dedicated to the global currency and banknote industries.
- BIN tracks sources, databases worldwide and gains exclusive insights through its global network to central banks as well as currency suppliers.
- BIN traces its origins to 2015 with the first Banknote Technology Report and was formally founded in 2017.
- The Banknote Technology Report is now in its 11th edition.
- The platform today reaches more than 160 central banks worldwide, together with printers, substrate producers, and other cash cycle stakeholders.
- BIN currently connects with 161 central banks worldwide.
