Double your revenues

Keep the revenue or double it?
I’ve always hated coins as the most outdated and impractical way to physically represent money, a very virtual concept in itself, especially in the days of electronic banking, chip cards and PayPal accounts. Fortunately Estonian Kroons are all paper notes in real life. We do have coins, but you rearly use something smaller than a 5 kroon paper note if you pay with cash and do not use cards or mobile payments. The pocket weight that goes with every trip to London is much worse.
However, I never thought of the upside of those annoying coins. The owners of binocular vending machines (for lack of a better idea how to call those) on the shore of Tenerife, Canary Islands have left meeting their revenue forecasts up to the randomness of whatever piece of metal a passing tourist might have in their pocket. Same equipment cost, same “effort” but easily doubled revenues if it just … happens so. Very zen. Try to do that in e-business.

  • Actually, imo paper money is more out of date than coins since they have a shorter life span and are easier to counterfeit. In Canada we got rid of $1 and $2 bills and switched them with coins and the U.S. has unsucessfully tried a number of times to introduce a $1 bill. Switching to coins especially helped homeless people and charities because people often gave them more money than they would if they’d given bills.

  • This feature may also slash the expected revenues in half, don’t you think 🙂

  • Andrus, the preconception should be that the actual cost base for a service like this is 0.1 EUR per user or less… 🙂