New £5 note: Is there any place for the new fiver in a cashless future?

Published by The Computer Business Review

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The Bank of England is updating the £5 note, today releasing 440 million new notes made of polymer material.

The new portrait of Winston Churchill gracing the note will remain unscathed, with the polymer protecting the note from spillages, crumpling and wear and tear.

“The use of polymer means it can better withstand being repeatedly folded into wallets or scrunched up inside pockets, and can also survive a spin in the washing machine,” said Mark Carney, Bank of England Governor..

Although people are looking forward to the new innovative plastic cash, critics have pointed to the fact that England and Wales are behind the times when it comes to sturdy notes. Australia have had polymer notes in circulation for 20 years, while Scotland issued two million £5 polymer notes in March 2015 in celebration of the 125th anniversary of the Forth Bridge. In fact, more than 30 countries already use polymer notes…

Research seems to point to a future without cash – meaning the new £5 note could have a short shelf life. However, the new noted has been designed with fraud in mind, incorporating a new generation of security features designed to make counterfeiting harder. A see-through window featuring the Queen’s portrait as well as a gold foil Big Ben are two measures designed to fight fraudulent notes – a big business with the NCA reporting 430,000 counterfeit notes in circulation during 2014. However, experts are vocal in their assertion that cashless is safer, with Doron Cohen, CEO of Covercy, saying:

“From a security point of view, banknotes are…