Do You Have Any Spare Change?
When I go to Starbucks I pay with my phone. At the gas pump I use a credit card. At the grocery store I use a debit card. Soon, with Apple and Samsung Pay we will be using our smartphones at all stores. Many organizations will need to rethink asking for change—from the Salvation Army red kettle drives to newspaper vending machines. Even the person on the street who asked me for spare change the other day will be disrupted by this new way to pay.
But the “change” is happening beyond technology because there is a price to handling a lot of coins: Chase Bank announced its branches will no longer accept large collections of coins from piggy banks or savings jars. I’m sure there will be coin redemption services, but we may be charged a fee to cash in our coins in the future.
Coins have been around since the dawn of civilization, but soon the digital disruptor will eliminate the need for coins. That may spur a new interest in coins as a more valued collectible. By the way, can I borrow eight quarters to get a paper?