With over 500 billion banknotes currently in circulation, cash is still the most widely used payment system in the world. Every year approximately 25% of banknotes in circulation are destroyed and around 170 billion banknotes are printed each year to replace them. As a result, central banks through their currency management strategies, actively seek to reduce the environmental impact of banknotes at every stage of the cash cycle, from production through to end-of-life destruction.
At Inovink, we take the responsibility of sustainability very seriously and, as the leading developer of machine-readable security solutions to the banknote industry, environmental sustainability is a focal point of our business strategy. We believe in embedding sustainability as part of our R&D objectives as well as integrating it into our everyday business practices. This has been effectively demonstrated with our mIRage and BioNote products and our conformity to the ISO 14001 Environmental Management Standard.
mIRage pigments have been designed to be highly efficient, meaning that much less active material is needed on a banknote, as low as 2% loading. This reduces the carbon footprint of the manufacturing process and that of the issuing central bank. This environmental benefit has been recognised by the UK Intellectual Property Office by granting mIRage patents with ‘Green Channel’ fast track status.
Inspired by nature, BioNote is designed to keep banknotes cleaner for longer by using nature’s ability to keep surfaces clean. The BioNote material is deemed non-toxic to humans and does not drive antimicrobial resistance. BioNote offers significant ecological advantages when compared to products used in banknotes today, such as metal based anti-bacterial solutions.