There is, of course, more to the story of increased use of - and confidence in - electronic payments by consumers, businesses, and governments. The payments industry itself is taking innovative steps to collect more payments electronically. Let me highlight two of the most significant innovations. The first one, which was discussed earlier at this conference, is electronic check conversion.
But it’s important to remember that staying ahead of counterfeiters is a constant challenge. We must always be proactive. That is why the Bank launched a new series of polymer bank notes that are safer, cheaper, and greener. Safer, because of sophisticated security features, including holography and transparency, that make these new notes harder to counterfeit and easier to verify.