A new change card and app designed to replace coins by start-up Shrap has started real life trials – with the first two pilots now underway in Rochford in Essex and Denny in Scotland as part of the UK’s Community Access to Cash Pilots.
With a significant reduction in cash use – particularly during the Coronavirus pandemic – the cost of maintaining the infrastructure to sort, transport and distribute cash has become unsustainable.
Shrap aims to make cash more efficient and convenient by removing the need for coins – including low domination coins – many of which are only used once.
When using cash in a shop, the business can give change onto a Shrap card. Customers can store their change on the card – or Shrap’s mobile app – and make small payments to shops and friends, anonymously and for free. Businesses maintain a ‘float’ on the platform, with change issued through the app or EPoS integration