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Have you heard? No more 2p or £2 coins for a decade!

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As the use of cash declines, The Royal Mint has announced they won’t be producing anymore 2p or £2 coins as there are enough in circulation to last for the next 10 years.

In 2010, cash was used for six in every 10 transactions, but by last year, this statistic had declined to show cash payments made up less than three in every 10 transactions.

National Audit Offices figures have shown that the demand for notes and coins fell by 71% between early March and mid-April, which indicates that Coronavirus has had a direct impact on the acceleration of the decline in cash.

The production of both the 2p and £2 coin has been stopped by The Royal Mint, but stocks of every coin in circulation are exceeding its targets. For example, £2 coins are 26 times over the target.

There hasn’t been a demand for the coins as lots of old ones were returned to circulation after the launch of the 12-sided pound coin in 2017.  A six-month window was given to allow people to recover any old round pounds, leaving everyone emptying their money boxes and jars and returning their contents to the bank. Including any old 2p and £2 coins.

Experts have predicted that by 2028, coins and notes may be used for only one in 10 transactions in the UK.

Is your business prepared for the increased decline in cash? Get the latest in payment technology from Card Saver here.

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Referral Terms and Conditions

1. Our refer a friend offer is available to existing Card Saver customers who provide a successful referral to Card Saver of a new customer incorporated in the United Kingdom or Republic of Ireland who take services consisting of Card Saver acquiring, Card Saver terminals or Card Saver gateway (the “qualifying services”) and subject to the criteria, exclusions and limitations below. Each successful referral in accordance with these terms shall be entitled to £100 or £150 if referral is submitted before Valentine’s Day 2020 (14th February 2020).

2. This offer is only available until for an unlimited time however this can be amended or withdrawn at Card Saver’s discretion.  

3. The referrer must not be an employee or owner of the business being referred.  

4. The referred customer must be an entity that has never had a facility with Card Saver. 

5. Card Saver’s standard account opening procedures will apply and your friend will need to be accepted as a new customer of Card Saver (which shall be at Card Saver’s sole discretion). Terms and conditions apply to all Card Saver services.  

6. A successful referral is defined as a business live with Card Saver using the qualifying services and where direct debit payment authorities are in place for both the existing and referral customer.  

7. If you pass the contact details of the referral to Card Saver, you are confirming that you have the referral customer’s permission to do so. You consent to us using your name and contact details to verify you as the referrer of your friend and in any communications we may have with your friend and to pass these details to any third parties. 

8. Provided that the terms are complied with, Card Saver will contact you directly by email for the £150 payment to be sent to you.  We will endeavour to send this within 30 days of us being satisfied that the criteria herein for a successful referral have been met.  The £150 will be sent to the email address provided in your application form but will only be issued in the name of your business and not to an individual employed by your business. 

9. This referral offer cannot be combined with any other promotional offer. 

10. The issue of the money is conditional of the referral merchant retaining Card Saver services at the time of issue. If Card Saver is required to terminate services or does not accept the referral merchant’s application, no money will be issued. 

11. Card Saver reserves the right to amend, suspend or withdraw the ‘Referral Road Scheme’ at any time for any reason. The offer is non-transferable and may be revoked at any time for any reason. The rules to the ‘Referral Road Scheme’ may be changed without notice and at the sole discretion of Card Saver. 

12. Card Saver reserves the right to refuse a claim of the £150 if it has reasonable grounds to believe that there has been a breach of these terms and conditions, a misuse of our intellectual property rights including Card Saver trademarks and/or materials, any misrepresentation; abuse of the Referral Road promotion; or any illegal or criminal activity including fraud in connection with this offer.  

13. These terms shall be governed by and interpreted within the laws of England and Wales.

 

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