Consumers and businesses could benefit if they start using a new digital currency that’s been set up for the city of Liverpool – dubbed the Liverpool Local Pound (LLP).
Created by Colu, the LLP launched around a month ago and already has over 30,000 users (one LLP is the equivalent of £1), with CEO Amos Meiri telling the Daily Telegraph that there’s a transaction using the new currency every five to ten minutes.
It costs merchants £25 a month to subscribe to the service and the aim is to bring in a five per cent fee for users when they take cash out of circulation. Data is also collected on users (like their names and their favourite hot beverages), which can then be used by companies to help them provide a more personalised service.
“When I was a kid I used to go and buy vegetables for my mum and the grocer knew my name and knew what vegetables my mum liked. That personal experience has got lost in the scale of a city and we want to get it back. The incentive for users is that they get more for their money. They also get to build connections with the local community,” Mr Meiri said.
Another benefit of Colu is that it enables people to pay for goods and services simply by using their smartphone, with the digital wallet allowing them to find businesses in whatever city they’re in and shop locally with ease. As a business, it certainly can’t hurt to give it a go – although whether the idea has any staying power remains to be seen.
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