The new banknote designs announced by the Reserve Bank have received a welcome response from Retail NZ.

Mark Johnston, Retail NZ chief executive, said that the new banknotes will keep retailers up with the latest anti-fraud technology, and free as possible from counterfeiting.

“Retailers are pleased that the new notes will be the same size and denominations as the current banknotes, and it’s good news for both retailers and consumers that old banknotes will continue to be accepted as legal tender. There will be no rush to change the notes over, and the old notes will just disappear over time as they are returned to the Reserve Bank,” he said.

Cash remains an important means of making payments, Johnston said, especially for lower value purchases.

The banknotes will contain more sophisticated security features and vibrant colours, and are to be progressively released into circulation from the end of 2015.

They will retain the same well respected individuals and flora and fauna of the current banknotes.

A website Brighter Money has also been launched, which will evolve as a one stop shop for industry players, retailers and the public to learn more about the banknotes.