Old £1 Coins Leaving Circulation: The simple fact is that UK consumers are now moving away from cash

  • Sophie Guibaud , VP of European Expansion at Fidor Bank

  • 11.10.2017 10:45 am
  • undisclosed

By phasing out the old £1 coin across the UK, the Royal Mint says its new coinage will prevent counterfeiting. However, contactless payments already provide an even more secure means of payment.

he simple fact is also that UK consumers are now moving away from cash. There are currently 111 million contactless cardsin the country, with a record £23.23 billion spent in the first half of this year on these cards. This will only keep on increasing and the UK becomes, in effect, a cashless society in the coming years.

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