Polymer notes pose £45m problem for UK cash machines
High street banks in the UK will need to replace or upgrade thousands of cash machines at a cost of £45 million because they cannot grip the new “slippery” plastic notes, according to Bloomberg.
Polymer notes are to be brought into circulation this year by the Bank of England, and the banknotes stay cleaner, are longer-lasting and are harder to forge.
According to the BBC, more than 20 countries around the world have adopted polymer banknotes.
However, in the UK they have created a problem as it is hard for the rollers in many ATMs and counting machines to grip.
The ATM upgrade programme is costing an estimated £45 million but if vending machines and counting machines are included the total bill could be as much as £240 million, according to Bloomberg.
Andy Mattes, CEO with ATM maker Diebold, told Bloomberg: “Every bank has a polymer note project team working right now.”
The first £5 polymer notes, featuring Sir Winston Churchill, will be issued in September, followed in 2017 by £10 notes featuring Jane Austen.
New £20 notes will be out by 2020.