Banking and Retail Groups Encourage Consumers to #GetCoinMoving
While ‘altcoin’ cryptocurrencies have been making a lot of noise lately, there is still value in the real deal. Following the coin shortages linked to the pandemic in 2020 and the growing reliance on digital payments, IMF – the Food Industry Association is encouraging consumers to put coins back into circulation to support retail cash transactions.
The Washington, DC-based IMF is a founding member of the US Coin Task Force, which dubbed October “Get Coin Moving.” Other participants in the task force include retail giant Walmart and banking / currency organizations such as the American Bankers’ Association, JPMorgan Chase, Bank of America and Coinstar, among others. The US government is also participating, through representatives of the US Department of the Treasury and the US Federal Reserve.
The incentive to promote coins as part of purchase payments comes at a time when the value of the traditional form of currency is stagnating. According to information released by the IMF, much of the $ 48.5 billion in coins already in circulation are “dormant” in more than 128 million homes in the United States, largely due to changing habits. of spending during the pandemic.
This currency dormancy poses challenges for small businesses, including retailers that often rely on cash transactions, and U.S. consumers who don’t have access to banking services or digital payments.
“Our country is currently facing a problem with the circulation of coins. In the food retail sector alone, 11% of all transactions are paid in cash, ”said Jennifer Hatcher, director of public policy and senior vice president of the IMF and member of the US Coin Task Force. “The best way to deal with the scarcity of coins impacting our business community and Americans relying on legal tender for their everyday purchases like groceries is to ‘move the coins’ by spending or depositing them. coins that people accumulated before and during the COVID-19 pandemic. “
To spread the word and get people to spend their coins, deposit coins at financial institutions, or exchange coins at coin kiosks, the IMF and other members of the task force have developed toolkits. that retailers and financial institutions can share. Customizable signage for businesses to display and graphics on social networks to broadcast the message to #getcoinmoving and are also available.
Walmart, based in Bentonville, Ark., Operates more than 10,500 stores under 48 banners in 24 countries and e-commerce websites, employing more than 2.2 million associates worldwide. Walmart US is # 1 on the PG 100, Progressive Grocer’s 2021 list of the best food and consumables retailers in North America.