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PayPal waves goodbye to the old £5 note with selfie competition enticing entrants with £10 in a digital wallet

PayPal entrants

Online payment company PayPal has continued its ‘New Money’ campaign by marking the discontinuation of the UK’s old five pound note with an interactive competition urging consumers to take selfies alongside the old five pound note.

The activity comes after around 150 million notes lost legal tender status earlier this month as the Bank of England looked to modernise and replace the money in circulation.

Shops can legally refuse to accept the notes although many will still accept them with discretion. Replacing the note was a polymer currency featuring Winston Churchill although, PayPal, which is pushing towards a cashless society looks keen to associate itself with the future of money.

The company urged Facebook users to share selfies with the old note (until 12 May), offering 100 entrants the chance to double to value of the out-of-circulation notes, by presenting them £10 in credit on their PayPal digital wallet.

Alison Sagar, Chief Marketing Officer at PayPal UK, said: “With the old £5 banknote being withdrawn from circulation, we saw an opportunity to engage our customers and remind them that money is rapidly changing. The traditional way of exchanging an old banknote is to visit your local bank branch, which can be inconvenient.

“Instead, we thought we’d offer our customers the chance to exchange a selfie with their old £5 note for £10 credit in their PayPal account. It’s all part of our New Money campaign that launched last year, and celebrates the ways technology is transforming financial services.”