Paper Banknotes Are Disappearing Quickly

No, banknotes themselves in the UK aren’t disappearing, it’s just that they won’t be made out of paper any more. In a few years the only paper banknote available will likely be the £50 note.

The Bank of England has announced that the next design of the £20 note will be plastic.
The new £20 note, entering circulation in 2020, will follow the polymer £5 and £10 notes.
Consumers will be able to get their hands on the new plastic £5 note, the first in the polymer series, from 2016.
This will feature the image of Sir Winston Churchill.
The Bank argues that the polymer notes stay cleaner and are more secure than cotton paper notes, which have been used for more than 100 years.
The £5 polymer note will enter circulation in the autumn of 2016, followed by the Jane Austen plastic £10 note a year later.
The Bank said that the decision for the £20 note to also be made from polymer came after "extensive research into the developments in security features".
On a more practical level for many consumers, it will also survive a spin in the washing machine.
A bank committee is considering which character will appear on the new £20 note. It received 29,701 nominations from the public after it announced it wanted to celebrate an artist on the note. Some 592 eligible visual artists are being considered for the honour.
The final decision will be made by the Bank's governor, Mark Carney.Favourites include the sculptor and artist Barbara Hepworth, the author BeatrixPotter and fashion designer Alexander McQueen.