Cash use in the UK declined by 35% in 2020, this according to the UK Payment Markets Summary 2021 just released by UK Finance. So the age-old tradition of the office whip-round is in danger of dying out. Meanwhile, online group card and cash collection services have seen a 225% rise in consumer demand since the start of the year. The pandemic and the emphasis on cleanliness skyrocketed the decline of cash use with the average 15% decline, witnessed since 2017, more than doubling in 2020. Furthermore, 13.7 million consumers admit to carrying cash only once a month or not at all, which makes it more difficult than ever to organise an office whip-round. Using online platforms instead of the traditional ‘passing around the hat’ provides a way to quickly and securely collect cash digitally that can later be claimed as a prepaid debit card or gift card with hundreds of brands to choose from. Moreover, digital cards also provide an option that does not contribute to deforestation.
Val, Founder & CEO, Thankbox
Launched in May 2020, Thankbox is one such solution aimed at solving the issues related to card and cash collections in busy modern life. From hunting for a last-minute card to organising a collection when many people now work remotely. As many businesses have introduced flexible work policies, the traditional card pass around is impossible to achieve. Val noted, "In the space of only a year, 15,000 Thankboxes have been sent, with 350,000 people having contributed messages from the comfort of their home or office; moreover, with the option to include GIFs and videos, the platform helps make boring office thank you cards that bit more memorable."
Paul Arkwright
Publisher
