In 2017, faced with bags full of spare change, our founders decided that there had to be a better way. So we built Shrap, the simple alternative to coins. The app enables people to give and receive change, and make small purchases, on their mobile device, for free.
For business, Shrap provides a way to give change digitally when a customer makes a cash purchase, ultimately eliminating the need to maintain a coin float. The change that customers collect can then be spent back with those businesses, with no fees. This means shops can receive electronic payment for small purchases without having to pay any bank charges.
For all of us, on the occasions we use cash, there is no longer a need to accumulate coins as a result. We think coins are inconvenient, and difficult to use. This is backed up by the fact that many coins are now single-use only, often ending up in landfill. With Shrap you can simply collect your change on your phone or Shrap card, and store it, spend it, or transfer it to your bank account.
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Shrap is registered with the Financial Conduct Authority under the Electronic Money Regulations 2011 (Register Number: 900990) for the issuing of electronic money.