Are We Becoming a Cashless Society?
Will you be hitting the January sales this month? And will you be paying in cash?
With the rise of cashless payments, using debit cards and contactless payments, and the ease with which it is possible to pay through your mobile phone, notes and coins are gradually being replaced as the primary payment method by many worldwide.
As a result, the worldwide demand for coins in circulation is decreasing.
But it’s not all bad news for the coin collectors looking out for our collectable coins in their change.
According to UK Finance, even ten years from now, cash will still be the second most frequently used form of payment. In a report penned by Adrian Buckle, Principal, Head of Research at UK Finance, he reveals that members of the public opt for the payment method that suits them best and for some, cash will always be their preference.
The Royal Mint works closely with the cash-handling industry to introduce the desired quantity of coins (based on denominations) into circulation and even though fewer coins are being used by members of the public, we’re still called upon to supply circulating coins to cash centres for distribution to banks and post offices to meet the country’s demand for cash.
As people become increasingly accustomed to the convenience of contactless and online shopping, The Royal Mint will continue providing our loyal coin collectors with the exciting designs you’ve become so attached to spotting in your change. With so many sought-after designs in circulation, it’s a great time to check for coins in your change.
With thanks to UK Finance for providing the report referenced above.