Are plastic currency notes the answer to Indias preferred mode of payment

Credit and Debit card payments have been gradually picking up in India. Cash transactions still continue to be preffered, even though a significant volume of paper currency notes are soiled, crumpled and torn. Plastic currency notes that have a history of over one decade in several countries could prove to be a better alternative for India. Plastics has become the preferred way that the world transacts business, and plastics secured more than US $ 3 trillion in consumer purchases and transactions globally. This included both folding money or banknotes and transactions through all types of payment cards. With advanced reprographic devices producing counterfeit currency as convincing as originals, a paradigm shift is needed to polymer banknotes. A basic polymer note is created from a substrate, which starts off as a roll of clear plastic film, which is then further processed or laminated to give the different structures. All security features printed on paper can also be applied to polymer substrate.The polymer substrates makes the transition from paper to plastics easier, since it is also a surface for applications of Optically Variable Inks (OVI's), which enhances the color shift characteristics. The transparency of the film is one of the keys that provides the basis for multi-layered complex security features that cannot be reproduced by scanning or photocopying. Polymer notes are non-porous and more durable than paper and absorb less moisture and dirt. Polymer notes are especially suitable for humid climatic conditions such as India, since they can endure temperatures up to 120 degrees centigrade with no significant impact. Even under varied handling conditions the circulation life of a polymer note is around four times that of paper. Polymer notes also transport better in machine mechanisms such as ATMs since they remain stiffer, do not tear often, create fewer jams, thus leading to lower machine down-times. Plastic currency notes should be an ideal solution to many problems, including counterfeiting, which has increased recently in India.