- The old paper tenner goes out of circulation from Thursday 1 March
- One in twelve millennials will to try to use their old notes with friends
- More people than ever are paying back friends using mobile payment services rather than cash
Almost 2 million millennials are hoping to pass on their old paper £10 notes by using them to pay back money that they owe their friends, according to a new survey published today (Thursday 1 March 2018) by Paym, the UK’s mobile payments service.
The paper £10 note has been replaced by the plastic ‘Jane Austen’ note, and goes out of circulation after Thursday 1 March, which means that paper £10 notes cannot be spent in shops and will only be exchanged by banks at their discretion. After the deadline, the only way to be sure to exchange the old paper notes is through the Bank of England, which will replace notes posted to them, or brought in in person, indefinitely.
According to the research, across the UK population as a whole, 1.95 million people (3% of respondents) would try to use their old £10 notes to settle IOUs with friends. Amazingly, they are almost all millennials – more than a million (1.22 million) are 18-24, with a further 600,000 people aged between 25-34.
The survey results also show that 10% of people will attempt to spend their old notes in shops, 44% will attempt to exchange their notes at a bank while, 1% say they will simply throw any old notes into the bin.
More than 40,000 tenners are now sent every month using Paym, the easy way to pay friends using just their mobile number. In total, more than 1 million individual £10 payments have been made using the service since it launched in 2014, with some of the most popular reasons to send money including paying back for a meal (15%) or chipping in for petrol money (18%) or bills (20%).
Craig Tillotson, Executive Chairman of Paym, said:
“Paper tenners go out of circulation after 1 March, so remember to spend them before then or exchange them at a bank. And if you want to go cashless that’s no problem either – Paym lets you pay back friends and family using just their mobile number, whether it’s for £10 or more.”