New ‘change card and app’ starts UK trials: how businesses can go coinless, not cashless
A new ‘coinless, not cashless’ solution by British startup Shrap has just started real life trials - with the first in Rochford in Essex as part of Community Access to Cash Pilots and will run until the end of September. Shrap will enable businesses such as pubs, cafés, restaurants and shops to continue to accept cash but without the hassle and expense of coins. The trial is backed by major banks, consumer groups and business organisations.
Shrap is just one of a select group of providers tackling the challenges facing cash. Other Shrap CACP locations will include Denny in Scotland and Millisle in Northern Ireland. Shrap plans to roll out nationwide this year.
Shrap aims to make cash more efficient and safer by removing the need for coins which are costly to process. Just like cash, Shrap is free to use, accessible to all and anonymous. While Shrap enables businesses to accept cash payments but issue change to customers on its phone app or change card. Change can be collected through the service and stored and spent anonymously and for free.
Shrap was chosen for the national Access to Cash initiative as one of a select group of solution providers tackling the various challenges facing cash including the cost of cash processing and distribution.
The independent Access to Cash Review in 2019 found that a large proportion of people continue to rely on cash. 1.3m adults still do not have a bank account. For businesses, the rising costs of handling cash and concerns around its hygiene have resulted in many businesses considering cashless alternatives.
Says Natalie Ceeney CBE, Chair of the Community Access to Cash Pilots: “One of the biggest risks to cash is its continued acceptance by businesses, and the biggest drive of cash acceptance is the cost and hassle of handling it.
“We’re excited to be working with Shrap across several communities, trialling an innovative solution that enables businesses to continue accepting cash but without the expense and hassle of handling coins. Removing the need for coins in a cash transaction is another step to help us keep cash sustainable.”
Chris Forero-Slee, Shrap CEO, Co-founder and cash guru said: “We know that some people will miss coins, but with cash under greater threat than ever before we know that cash must evolve to compete with digital payment methods.
“We believe that people have the right to choose how they pay one another, without fees and privacy concerns. And we strongly support the future of cash, which must be cost-effective to be sustainable.”
“Our digital alternative to coins delivers significant efficiency gains while maintaining what is good about coins: free to use, accessible to all, and they don’t require your personal data. Crucially Shrap removes inefficiencies and safety concerns that threaten to undermine cash as a whole."
