The end of the coin?


Video highlights

00:20 - The struggle of the coin pocket
00:35 - New designs for FRiLuk wallets: vegan card holders and vegan money clip wallet
01:15 - UK and US, how many coins are in circulation?
02:00 - Coins produced in the US per year
02:45 - People looking for wallets with coin pocket
03:25 - Cash is still our preferred payment method
03:55 - Following the trend
04:28 - Debit cards will take over from cash
04:45 - The minimalism trend
05:08 - People looking for small wallets, minimalist wallets
05:30 - Predictions for 2021 / 2025
06:22 - The end of the coin?

 

Video Transcript

Hi guys, Laurent Bleu from FRiLuk, in today's video I wanted to share with you a little struggle we have at the moment.
You see we are working on some new designs for wallets, made from cork, of course, those are going to be cruelty free vegan wallets, but we are in the design phase, and there is all the time kind of a struggle coming on the table: do we put or not a coin pocket?
What do we do with the coins? You see we are working on designs like that, where those are cards holders, there is an ID window, we are also working on some money clip type of wallet but then we were wondering...or asking ourselves if people tend to use coins. Cash / banknotes of course but what about the coins?

I made some researches, found interesting facts and I told myself, well let's share it with the community, because you know, kind of informal / educational video, we like it :-)
I looked at UK and US and I wanted to know how many coins were in circulation in the UK, in the US, if people have the tendency of using coins or not, in their day to day routine. I've discovered that (this is from the website of Royal Mint, they are responsible for producing and distributing coins in the UK): do you know how many coins are in circulation in the UK?
Do you know? There are 28 billions coins, in circulation in the UK alone! 28 billion! Absolutely crazy! I mean I could not imagine that there were so many.

Then I checked Wikipedia, I could not find how many there were in circulation in the US, but there is the US Coin Production Data that I've found on Wikipedia and in 2015 (there was no data for 2016 and 2017 of course), there were more than 17 billion coins produced in that year for the US population. Crazy... more than 17 billion!

The fact that they are producing coins that's one thing but us as consumers, do we basically want to carry them in our wallet? I've made some researches, to see if people were really looking for wallets or purses with coin pocket. Actually I have discovered that UK and US together (I did not do all countries...) but in the UK and in the US there are more than 25,000 searches in Google alone for any kind of purse or wallet with coin pocket... so definitely people are looking for vegan wallets or non vegan wallet with a coin pocket.
There is no surprise actually here because you see, cash is still our preferred payment method. In the UK, yes we are in the UK so I am talking a lot about United Kingdom :-) but in the UK, there are more than 72,000 payments every single minute. 72,000 per minute payments in the UK alone! And actually 45% of those transactions are made from cash... you see people are using cash, coins, and they need something to carry those coins in their wallets.

Now, what is interesting for us, as a company designing wallets, we need to kind of follow the trend as well. Where does all that go? I mean, if cash is still going to be our preferred payment method in 5, 10, 15 years.
There was a research (I will post the link below: https://www.paymentsuk.org.uk/news-events/news/debit-cards-overtake-cash-payments-2021), there was a research made and the experts predict that by 2021 / 2025, debit cards are going to take over from cash. They estimate that around 27% of the payments will be made with cash and the rest will be with mainly debit cards.

That kind of follows with a trend of minimalism, minimalist wallets, and that's what we are looking at as well at FRiLuk: kind of designing wallets where people can carry the minimum they need, but it's still going to be a functional wallet.
I've looked as well at what is the interest in the US and in the UK, about people searching for small wallets, minimalist wallets, and actually, combined UK and US it is about 15,000 to 18,000 searches per month.

So it kind of follows suit you see, we know that in the next 5 to 6 years there will be a big drop in term of using coins and banknotes and people will prefer to use their debit cards. We are following that trend, but having said that, we are working on really cool wallets, where we do want the people to have something small and functional, but with the ability of carrying some coins because you know, when you go to the supermarket, you take your trolley, you want to have this £1 you can put in the trolley, I mean that's something that going to be... it is going to take a long time until it is going to be totally out of the picture :-)
I cannot share everything at the moment, but I will keep you updated, but I really wanted to share with you those interesting data I have found about the coins. It is definitely not the end of the coin, it has a future but we need to take into account that people are going to switch to more debit and electronic type of payments.

Guys, that was it really, a small informal video, I hope you appreciate it, you can subscribe to the channel and you will be kept updated about our company, the fashion industry, the design, etc... we really want to share as much as we can with our community, thank you for watching, I wish you an amazing day and I see you in the next video.

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