The mini-cash scheme that was deemed an “electronic wallet” when it was introduced 11 years ago, is about to disappear due to its lack of use in Luxembourg.

Many of us held bank cards with the mini-cash logo on it but how many of us actually used the system? Apparently not many, and the figure has now dropped by 35% in recent years according to reports.

Mini-cash is the system whereby you are able to top-up your bank card with small sums of money, up to a total of EUR 250, and spend in shops, cafés etc. The idea was to replace cash without the need to fumble around for coins. The idea worked similar to that of a phone “pay as you go” scheme.

However where it differs from a phone top-up card is that you physically have to visit your bank to top it up, impossible to load from a distance. While most of us are at the bank, we prefer to grab good old cash, rather than cyber money on a card.

The other problem was and still is, that not all shops accept mini-cash, whereas all take cash! Not much maths is needed to see why the system is doomed to failure.

Added to that, the clever system of paying small stuff around the Grand Duchy via text message, such as parking and bus tickets, means an extra nail in the coffin for mini-cash.

Currently only 12% of customers have mini-cash facilities, and no doubt even less that actually use it. The system is expected to disappear by March next year.
Mini-cash was introduced back in 1999 meaning that when the system is removed it will have had a life span of 11 years.

Do you have Mini-cash? Have you ever used the system? What do you think of it? Let us know below.