New £1 shows cash is far from dead!
The new 12 sided £1 coin is another clear sign that cash still plays an incredibly prominent role in society.
For all the talk about cryptocurrencies, contactless and virtual accounts – the value of banknotes and coins in circulation in the UK has actually increased. And with cash still being the most popular payment method in 2015, you could argue cash is still very much alive and far from dead.
Consider some of the major household bills like rent, council tax, water, TV Licence, gas and electricity. Every year hundreds of millions of payments for household bills are made with coins or paper providing flexibility and convenience for the likes of the rurally isolated, unemployed, un/under-banked, digitally excluded, elderly or vulnerable. If customers were unable to use cash, they’d incur arrears on their bills and fall into debt. Even by 2025, Payments UK predicts that cash will still be used to make nearly 30% of all payments.