Less people are using cash to “shop, sell and save”, according to the Treasury, but what could this mean for Bournemouth’s charities?
Local groups are concerned that the decline in people carrying small change will affect the amount of money collected and raised by cash donation boxes.
Mike Edwards, Secretary of Bournemouth North Rotary Club, says: “I have noticed a decline [in cash] in the last three years. We don’t collect as much as we used to.”
Research suggests that two-thirds of people are making more payments digitally than they did 5 years ago – aided by new government regulations banning charges for debit and credit card payments, introduced at the beginning of the year.
In an attempt to tackle these concerns, charity box manufacturer Angal announced they are adding QR codes to their charity box labels to allow people to donate via their mobiles.
They say: “the move will generate additional income from the growing volume of cashless donations”.
Some Bournemouth businesses previously reliant on small change, such as Fun Central Arcade on Westover Road, are also turning cashless as a result. The arcade runs on contactless cards that are topped up in store, so now only a few of their games take pennies, including the classic 2p coin pusher.
On Twitter, 92% of voters in our poll said they rarely carry cash.
The Treasury have launched a call for evidence in to the future of cash and digital payments.
So we want to know if you are using and carrying less cash than you used to?— The Breaker (@BUBreaker) April 5, 2018
However, the Treasury say: “[Cash] continues to play an important part in the lives of many people and businesses in the UK, whether as a budgeting tool or as a cheap and convenient method of payment”.
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