Demand for banknotes at lowest level in 20 years, says De La Rue

World’s largest commercial printer of money issues profit warning after downturn causes ‘significant degree of uncertainty’

Demand for paper money has fallen to its lowest level in more than 20 years as consumers switch to card and contactless payments, the world’s largest commercial printer of banknotes has said.

De La Rue – the 200-year-old British firm responsible for a third of all banknotes worldwide, including the new King Charles III design being produced for the Bank of England – said the drop in demand was affecting its order books.