Cheques in banking have undergone tremendous change. With the advent of digital transactions and digital economy, cheques are slowly becoming irrelevant in banking terms. However, it is safe to assume that cheques will never completely move out of the banking eco-system. In a recent data published by the Reserve Bank of India (RBI) the value of transactions through cheques in proportion to the overall number of transactions have come down to as low as 3 percent. In June 2011, that percentage was as high as 11 percent.
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Conventionally, banks used to receive a considerable portion of their fees income by processing cheques. Moreover, providing customer with new cheques books also formed a considerable chunk of bank’s income. However, even now with radical transformation in terms of banking transactions and bank operations as a whole, this phenomenon has not changed. According to the RBI data, in 2012, average number of cheque transaction each month was around 16.53 million. By June 2018, the number increased to around 94.7 million per month on an average.
Digital transactions and digital economy has had its negative impact on the global cheque paper market. The number of increase in the transactions is due to accessibility of banks to more number of people. However, large sections of young generation do not prefer cheque transaction. Thus, the growth of the global cheque paper market is a sluggish one.
In recent years, introduction of new technologies such as OMR (Optical Mark Recognition) and MICR (Magnetic Ink Character Recognition) have helped in changing the fortunes of the global cheque paper market. People still believe in the solidarity and safety of cheques and thus, the fear of them becoming obsolete is baseless. This is one of the key driving factors for the growth of the global cheque paper market.
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Global Cheque Paper Market Overview
A cheque paper is a kind of security paper equipped with several security features, such as chemical sensitivity and optical security. Several specifications of the cheque paper are standardized in a country to prevent fraud as well as facilitate the involvement of technology in cheque paper reading and bank processing across the desired geography. Thus, a legal organization is appointed in each country to verify the national standards associated with cheque paper. This has resulted in very less variations in the globally available types and qualities of cheque paper. Globally, cheques differ on the basis of security features and the physical properties for cheque paper standardized across the nation. With increasing consumer convenience due to easy online transactions, the demand for cheque paper is expected to get hampered and the global cheque paper market is expected to witness sluggish growth during the forecast period.
Global Cheque Paper Market Dynamics
MICR (Magnetic Ink Character Recognition) cheque paper is one of the trending developments in the global cheque paper market. These papers allow laser, inkjet and other printing techniques for printing as well as reading of the cheque paper. OCR (Optical Character Recognition) and OMR (Optical Mark Recognition) are the similar technologies which are presently being used for cheque paper and add to the security and automated processing of the cheque paper. Despite rapidly growing online transactions, the demand for cheque paper is expected to get hampered. However, cheque paper is unlikely to become obsolete any time in future. The prominence of cheques lies in the large transactions where only the name of the receiver is required and not complete account details. The above-stated factor will drive the cheque paper market globally.
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Global Cheque Paper Market Segmentation
The global cheque paper market can be segmented on the basis of cheque paper form into:
- Roll
- Cut Sheets
The global cheque paper market can be segmented on the basis of paper grade into:
- Up to 90 GSM (Gram per Square Meter)
- 90 to 100 GSM
- Above 100 GSM
The global cheque paper market can be segmented on the basis of water-mark into:
- Water-marked
- One-tone
- Two-tone
- Multi-tone
- Plain
Global Cheque Paper Market Regional Outlook
All the countries across the globe have appointed legal organizations to handle cheque transactions, such as the Australian Payments Clearing Association (APCA) in Australia, Payments Canada in Canada, Cheque and Credit Clearing Company (C&CCC) in the U.K., Bureau Indian Standards in India and others. Various standards in terms of cheque paper grade, cheque paper size, chemical sensitivity and other physical properties of the cheque paper must follow the standards acknowledged in a country. For instance, in most of the Sub-Sahara African countries, water-marked cheque papers are standardized. In India, the cheque paper must be of 95 GSM grade only. A large number of countries follow the standards specified by CBS1 (Clearing Banks Specification 1). The developed countries of Western Europe and North America region are expected to witness a slight decline in the demand for cheque paper owing to the high penetration of internet users and high literacy rate. Furthermore, initiatives for avoiding the usage of paper to prevent afforestation can also be help responsible for the decline in demand for cheque papers. The current demand for cheque papers is relatively high in emerging countries of Asia Pacific, specifically India, owing to increasing urbanization and government initiatives for opening bank accounts. As majority of the cheque paper books are assigned to the account holder on the time of opening of new account, the demand for cheque paper is highly influenced by the changing bank and government policies.
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Global Cheque Paper Market Key Players
Some of the key players in the global cheque paper market are:
- Century Pulp And Paper
- Drewsen Spezialpapiere GmbH & Co. KG
- JK Paper
- Pudumjee Paper Products
- Gemini Graaphics Pvt. Ltd.
- WCPM Limited
- Pura Group
- Tullis Russell
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