In a context shaped by questions over the future of cash, the evolving structure of the fiduciary printing industry and the rise of digital currencies, Thomas Savare, Chairman of Oberthur Fiduciaire, offers a clear-eyed perspective. He shares his views on the current state of the banknote printing market, the changing expectations of central banks in terms of security and sustainability, and the decisive role of innovation in the fight against counterfeiting. Firmly convinced that cash remains an economic and societal cornerstone, he argues for the long-term coexistence of physical currency and digital payment solutions, emphasising that trust, financial inclusion and monetary sovereignty remain at the heart of the fiduciary industry.
Is the sale of De La Rue’s authentication division to Crane NXT last year indicating a move towards consolidation of the fiduciary printing market?
De La Rue Currency has faced difficulties for several years and ultimately chose to divest its authentication division. The company nevertheless remains active in banknote printing, and the sector has not undergone true consolidation. Four major players—including Oberthur Fiduciaire—still dominate the market, while several regional firms continue to compete for selected tenders, corresponding to their reduced production capacities.
The only segment that has genuinely consolidated in recent years is banknote paper manufacturing. A prolonged period of severe overcapacity forced several producers out of the market, bringing the sector back toward equilibrium. Our Dutch subsidiary, VHP Security Paper, has successfully navigated this transition, giving us confidence and clarity as we look ahead.
More broadly, the banknote printing industry is entering a relatively complex phase. Demand is strong, which can create pressure along the supply chain. These constraints, however, have limited impact on Oberthur Fiduciaire: we control almost the entire technical and logistical chain. From paper production to printing—including the design of the most advanced security features—we are able to deliver every stage of the process for our clients.
In this context, central banks that plan and secure production slots are significantly better positioned. Strategic foresight consistently strengthens relationships with issuing authorities.
Have central banks’ expectations changed, particularly since the Covid period?
Like everyone else, central banks’ expectations evolve, but there has been no fundamental shift. They continue to demand banknotes that are impossible to counterfeit, aesthetically impeccable, and reflective of a nation’s history and identity—or, in the euro area, the collective identity of a region. Ongoing discussions around the redesign of euro banknotes illustrate this perfectly. Cash is not only a means of payment; it is also a symbol, and our teams work under the guidance of clients to bring that symbolism to life.
From a security perspective, recent breakthroughs have primarily concerned security threads, which are now far harder to replicate thanks to sophisticated moving imagery. These features present a serious challenge, even for well-equipped professional counterfeiters. Oberthur Fiduciaire remains at the forefront of this field and is able to supply state-of-the-art security elements, whether as part of a tender we have won or to complement banknotes printed by third parties.
Sustainability is also a significant long-term trend. Central banks rightly expect notes that are more durable—both physically and environmentally. We have long chosen to rely on natural, often locally sourced materials with no adverse ecological impact. We also are fully committed to ensuring that our processes continue to evolve towards sustainability to guarantee that we play an active role in the ecological transition.
How does a company like Oberthur Fiduciaire continue to innovate in the fight against counterfeiting?
I have long believed that innovation—together with the protection of intellectual property—is absolutely vital. Simply knowing how to print banknotes is no longer sufficient. Success now depends on the ability to develop security features and techniques that make each note unique and impossible to forge.
R&D represents a significant investment and occupies a substantial part of my time. We maintain several specialised teams, mainly in France and Sweden, and I ensure they collaborate whenever doing so can accelerate progress.
The future belongs to security printers that commit to staying at the forefront of innovation. Oberthur Fiduciaire is one of them, and we intend to continue along this demanding but essential path.
Does the rise of digital currencies, whether CBDCs or cryptocurrencies, challenge the role of cash? Could digital money one day replace physical currency, or will both forms coexist?
Cash is—and will remain—a key instrument of the economy, even in the most developed countries, and a cornerstone of society. That is certain.
Surprising as it may seem, global demand for cash is steadily increasing. It peaked during the Covid crisis, declined slightly in the two years that followed, but the underlying trend remains upward. Around 95% of cash demand originates outside Europe and the United States, in regions experiencing strong economic growth and rapid demographic expansion. Together, these factors are driving sustained demand for banknotes.
Cash has repeatedly proven indispensable in both economic life and society. Northern European countries that once pursued aggressively cashless policies have since observed the marginalisation of certain groups in an almost cash-free environment. Only cash can guarantee genuine financial inclusion. As a pro-cash movement is now emerging, it deserves the support of public authorities. Reaffirming that cash must remain accessible is a first step; concrete action must follow—and only governments can ensure this.
Cryptocurrencies and central bank digital currencies (CBDCs), meanwhile, do not compete with cash. Cryptocurrencies function primarily as speculative assets, not as everyday means of payment. CBDCs, for their part, are largely a response to cryptocurrencies and exist in only a handful of countries. Major currencies—the euro, the dollar, the pound sterling—have not yet crossed that threshold. These digital forms of money will require a support interface, most likely a wallet or a traditional payment card. In this sense, they compete with other digital payment methods—not with cash.
History demonstrates the resilience of physical currency. Innovations in digital payments will ultimately reinforce the reality that cash remains a secure and reliable means of payment, trusted by central banks and citizens alike. This brings us back to the very heart of our industry: fiduciary means based on trust. A banknote carried in a wallet will always be trusted—if properly manufactured and supported by sound monetary policy. Recent crises, and even the inclusion of cash in European emergency preparedness guidance, only serve to underscore the continuing relevance of cash as a means of payment that enjoys a particularly high level of public confidence.
