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All change: launch of the new 12-sided £1 coin

March 2017

The new UK £1 coin released on 28 March follows in the footsteps of the recent polymer £5 note as the next update from The Royal Mint. In this article, Barclays and Vaultex discuss the implications of the new coins and the steps that businesses should be taking to make sure they are ready for the transition.

Cash continues to be a significant payment method in the UK. Cash transactions amounted to over £253bn in 2015, making cash the largest payment method by volume. 57% of spontaneous consumer purchases were made by cash last year.1

While these figures are expected to decline somewhat in the coming years, it is likely that cash will still continue to be a significant payment method. The UK Payment Statistics 2016 report by Payments UK forecasts that in 2025, cash transactions will still account for £152bn, or 31% by volume.

With cash still being used by a lot of us, companies need to understand the impact that the new £1 coin will have on their businesses and the steps that they should take to prepare.

Polymer Notes in the UK: Are you ready?
The Bank of England begins its move to Polymer notes with the launch of the new £5 on September 13. Is your business ready for the transition?

Blockchain: what does it mean for you?
Read our article to understand the transformative potential of blockchain technology, and what it could mean for your business.

1UK Payment Statistics 2016