All Change For £1
Posted on 09/02/2016
All Change For £1 Coin
The Royal Mint estimates that around 45 million existing coins are now forgeries – prompting the new version. But with growing developments around contactless payments surely the days of having cash in our pockets are numbered? Certainly in the future there will be even less reliance on physical cash as our mobile phones become virtual wallets – paying for goods and services directly in shops and restaurants and also online, as many of us do now.
Times are undoubtedly changing and I think M2M will lead to putting coins in vending machines becoming a thing of the past. Also electronic transactions are a much more efficient form of payment, for consumers and vending operators too who won’t have the chore of counting hundreds of coins each week and tallying balances. The arrival of a new £1 coin will also affect tens of thousands of payphones across the country, where despite the explosion in mobile phone technology they will always have a place in some locations such as hospitals, prisons and holiday homes. So for sure going forward we will undoubtedly need less cash in our pockets, whatever the design of the £1 coin becomes.
Richard Carter, Group Sales & Business Development Director at Nimans.
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