It may not fit the banks' agenda, but cash remains essential. This is not due to its physical form; it is because of what it represents.
Cash is under threat.
And one of the biggest threats to its continued existence? Its acceptance by businesses.*
Shrap makes it more efficient for businesses to accept cash by removing the need to handle coins.
* Source: Access to Cash Review, 2019
Coins represent significant 'lost' value. Whether down the back of the sofa or discarded to landfill, estimates place the amount lost in the UK alone at up to £150m per year.
Shrap makes it convenient to store coins digitally, in a 'virtual coin jar' that retains the key attributes of cash: free, accessible, stable and anonymous.
By making change convenient to store and use, a significant amount of money can be brought back into circulation - benefiting everyone in society.
Most digital solutions come at the expense of social inclusion and accessibility.
Not so with Shrap.
While the solution has an advanced technology stack at its core, it can be used with a physical Shrap card alone.
And being totally anonymous and free to use, without even the need for a bank account, it is truly inclusive of everyone in society.
Even in societies at the forefront of the cashless movement - and despite what is often seen in the media - significant demand for physical currency remains.
Instead of developing alternatives to cash, what if we could incorporate the best of digital - security, efficiency and convenience - to enhance it?
At Shrap, we believe that digital can complement cash rather than seeking to replace it.
Shrap is committed to supporting community, and we believe that the ability to transact freely with one another is fundamental.
To find out more about why society needs solutions like Shrap, be sure to check out Dr Ian Hunt's insightful white paper.Download white paper