Meta Materials Inc. announced that it has been awarded $6.2 million in new purchase orders from its confidential G10 central bank customer for its authentication, nano-optic security business, which provides anti-counterfeiting features for currencies and government documents and authentication for brands. META has been executing on a multi-year frame agreement with a maximum value of USD 41.5 million over a period of up to five years with a confidential G10 central bank customer. The new purchase orders bring the total orders received by META to approximately $22.7 million for continued work under the agreement.

The customer may elect to award additional purchase orders to increase the scope of this award. QUANTUM? stripe leverages META's expertise in nanotechnology and metamaterials.

Its customizable effects are intended to help central banks and governments protect the public from currency counterfeiters and counterfeit-related economic losses. Limitless in design, the QUANTUM? stripe is readily integrated into banknotes with industry-standard processes and equipment, providing a captivating and intuitive experience that is both easy to authenticate and difficult to replicate.

Cash plays an essential role in most economies, accounting for over $7.6 trillion in global consumer spending in 2022, according to the 2023 Global Payments Report. Cash also plays a significant role in financial inclusion, especially for the 1.7 billion unbanked individuals globally according to the IMF Finance and Development report from September 2023. This part of the population often lacks access to traditional banking systems and digital financial services, therefore cash bridges this gap by offering a tangible medium for transactions, savings, and financial independence.

It empowers these individuals to participate in the economy, receive wages, and access essential services like healthcare and education. Additionally, cash transactions provide privacy and security, reducing the risk of fraud and identity theft. Recognizing cash's role is crucial in the pursuit of financial inclusion.