Yes this headline does seem to be ringing true! It’s become the norm to expect that most stores, even the tiny corner shop at the end of your road, accept debit and credit cards. Research conducted by PPRO Group provides an insight into society’s view on the future of cash, and let us tell you it’s not looking good for notes and coins. With 33% of UK citizens claiming that they never use cash it is not surprising that the new £1 coin, introduced by the Mint over a month ago, has taken longer than expected to penetrate into society. PPRO Group suggest that over 43% of people have not yet received one. And maybe they never will as 51% of millennials appear to be cash-free, opting for plastic or mobile phones to make payments. The amount of mobile contactless payments in the UK has increased dramatically with £288 million spent through this method in 2016, a 247% increase on 2015.
So the future of cash is looking flaky, but how soon can we really expect the UK to be a cash-free society? 5 years? 2 years? This article got us thinking – if there is no more cash, there is no more change, no more change means less donated to charity buckets. That’s why we think now is the perfect time to introduce a new way to donate our ‘spare change’ in a cashless society, to ensure the most deserving charities don’t get left behind.
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