The 1p Band –
A Speculation on Cashless Society
“A cashless society describes an economic state whereby financial transactions are not conducted with money in the form of physical banknotes or coins, but rather through the transfer of digital information (usually an electronic repre- sentation of money) between the transacting parties.” In other words, a society where notes and/ or coins are no longer a weight in our clothing or purses and no longer a feature of our everyday lives.“
Technology has completely transformed the way we use money. Over the past few decades, credit and debit cards have taken on an increasingly dominant role in consumer spending habits. Now contactless payment cards,mobile payment systems and crypto currencies are threatening to remove the concept of cash entirely. For the first time, notes and coins have been toppled from their position as the UK’s number one payment method.
But are new forms of money really more efficient? What does efficiency mean? Efficient for what purposes, and when?
What does this new standardization of payment methods mean for human behavior and social interaction?
What will be lost if we as a society choose to see the end of cash?
Standards are often so intertwined with practice that they often go unnoticed and unquestioned. For designers, these parameters come to establish the usual way of doing things, shaping how we think, and can ultimately limit the variability or ambition of our work. “Standard Practice” ensures a ‘bare minimum’ is met – but often the bare minimum becomes the standard.
The intention of the project to create a forum through critiques of the dematerialization of the money and shifting value of things - and present tangible outcomes that will take the part of these discussions.
It’s important to understand the dynamics of recent changes in the financial landscape as well as the awareness and value concepts through tangibility of notes and coins in terms of challenging the possible disadvantages of future scenarios.
During this project exploration, material proporties / characteristic features (Weight, Smell, Sound, Texture, Material, Shape...) of the coins, mostly the sound, become the materials for the production of a new fictional standard.
These outcomes - coin body extensions - are proposed as speculative daily objects in “Cashless Society”.