Denny set to be pilot project for digital alternative to low denomination coins
A new service being trialled in Denny aims to make cash more efficient and convenient by removing the need for low-denomination coins, which are costly to produce, distribute and process.
It launches in the town on Thursday.
The ‘Community Access to Cash Pilots’ has come from Shrap - an independent, start-up based in Poole, UK, which enables businesses to continue accepting cash, without the inconvenience and expense of handling coins.
In enables businesses to continue accepting cash, without the inconvenience and expense of handling coins.
When using cash in a local shop, the business can give change onto a Shrap card.
Customers can store their change on it - or Shrap’s mobile app - and make small payments to shops and friends, anonymously and for free.
The company, regulated by the FCA, makes money by earning interest on the money it holds.
Its service replicates the way coins work, but without the overheads, and the company said it hopes to help ease the burden on the UK’s cash infrastructure by removing the need for low-denomination coins - many of which are only used once.
The project had a successful pilot in Bournemouth, and Denny joins Rochford in England and Millisle in Northern Ireland in the next stage of the trial.
The company said it accepts that making the switch from traditional cash to getting change via an app is a big step for many.
Chris Forero-Slee, co-founder, said: “We believe that people have the right to choose how they pay one another, without fees and privacy concerns. For this reason we strongly support the future of cash, but it must be cost-effective to be sustainable.
To highlight the ‘waste’ of coins, Shrap is hosting a coin exchange event in Denny on Thursday and Friday.
People are invited to bring in their change jars and exchange their unused coins for money on a Shrap account, which can be spent easily with local businesses, providing a boost for Denny’s High Street.
To promote the event, Shrap is offering 10% extra on the value of coins exchanged.
The coin exchange is available at 3 Davies Row from 9:00am to 5:00pm.