Last week, the BBC reported that in 2023, the number of transactions made with coins and notes had risen for the first time in a decade. In the past year, cash accounted for almost one fifth of transactions, compared to just 15% in 2022. This represents an unlikely upturn, given the dwindling number of merchants that are accepting the change in our pockets, post-pandemic.
As recently as 2015, Britons made a majority of purchases with cash. Since then, the advent of contactless payments, smartphone wallets and COVID19 have seen that percentage eroded. So, what are the reasons behind this slight resurgence, and why do we at Vibe care?
The fees incurred by retailers in order to accept card payments are extortionate, and only getting higher. Even a cursory play with a calculator will show you that many of your favourite small businesses and brands are losing thousands of pounds a year to card machine fees, forcing many to raise their prices amidst an already challenging financial period. Customers are therefore being encouraged to pay with cash instead. This however, is something of an inconvenience to scores of Brits who would’ve been forgiven for believing that cash was completely on it’s way out, just a couple of years ago. VibePay provides an alternative that does away with expensive processing fees, just like cash, but with the convenience of a card in your pocket. #VibeMe links facilitate instant, fee-free payments for everyone, everywhere.
As the cost of living crisis continues, budgeting becomes more important. Many prefer to turn to to cash for a simple, holistic view of their money, instead of flicking between apps or statements. VibePay is bank agnostic, meaning that you can keep an eye on all of your pennies, without having to worry about losing them in your handbag, all within one place. No matter who you bank with, or how many accounts you have open, our app allows for a full and comprehensive view of your spending, allowing for efficient budgeting.
Despite a small reinvigoration, projections show that cash usage is set to slump again in the coming years. We are proudly positioning ourselves as a viable alternative that is just as kind to businesses and spenders, but more convenient. And, with 2024 promising some exciting new features, it’s about so much more than just the way you pay.
Sending good vibes, team. Best wishes,