What you spend in Belfast, stays in Belfast
Belfast Coin is the city’s very own digital coin. Supported by Belfast City Council, it is aimed at strengthening the city, local community and economy.
It is a coin created specifically for the benefit of the city and the people of Belfast, rewarding actions which enhance everyday Belfast life.
Each Belfast Coin is equal in value to one UK Pound. You can pay for items across the city just like you would with regular coins.
From now on, every time you pay at participating local businesses, even when you pay in regular pounds, you will accumulate Belfast Coins!
The benefits of a local coin over Pounds
Belfast Coins can be accumulated for a variety of actions, including those which benefit the city:
- Participate in tailored ‘tracks’ which encourage support for local businesses, green activity, healthy living, charities and receive Belfast Coins
- Invite friends to download Colu and receive Belfast Coins for each friend who makes an initial purchase of more than £3 via the app
- In addition, Belfast Coins will be awarded for a variety of transactions, via the Colu app
Actions which are rewarded with Belfast Coins will change dynamically, as published within the Colu app. Keep checking the app for the latest ‘tracks’.
Pay with Belfast Coins anywhere that accepts Colu
When you have accumulated enough Belfast Coins to make your next purchase, you can use them to make payments at any Belfast business which accepts Colu, just like you would with regular Pounds. The app will automatically tell you when this is possible.
How do I pay?
Enter the amount you wish to pay
Select to pay with Belfast Coins
Continue the payment process as normal
Enter the amount you wish to pay
Select to pay with Belfast Coins
Continue the payment process as normal
Why a local coin?
We believe that local businesses are the backbone of any local community.
Local businesses make a unique contribution to the fabric of each city, providing a familiar face to everyday purchases. In addition, they are run by local people, employing local residents.
Supporting them means helping the city thrive.
What are the advantages of a local coin?
The more we purchase at local businesses, the stronger our local economy and community. The more local businesses prosper, the more we all benefit.
Research shows that almost 50% of any transaction made at a local business remains in the city. By contrast, when a purchase is made at a national or global outlet, more than 80% of the transaction ends up outside the city.
Frequently asked questions
The technology has been developed by tech company Colu, which currently operates a mobile payment app in communities in 4 cities in the UK and Israel.
The Belfast Coin is part of a collaboration between Colu and Belfast City Council. Other partners include the 100 Resilient Cities programme – Pioneered by The Rockefeller Foundation (100RC).
No, Belfast Coin is not a cryptocurrency. It is a digital coin, which operates within the Colu app. It does not operate on blockchain technology and nor does its value fluctuate, both of which often characterise cryptocurrencies.
Belfast Coin is not e-money, nor any other type of regulated financial product, and therefore is not safeguarded or protected as e-money funds.
The Belfast Coin operates within the Colu app as a reward scheme. Unlike other programs, it promotes the city’s specific interests and is added to Colu’s digital wallet in return for actions which further improve the city. Residents accumulate Belfast Coins in return for such activities.
Initially, Belfast Coin will encourage people to shop at independent businesses in the city. When choosing to shop with local merchants, users of the Colu app will receive Belfast Coins. From 2020 the Belfast Coin will also be used to motivate increased green activity, improving the local environment, health and support for charities. For example, this might include using public transport instead of private cars.
The Colu app is free to use. A new user must simply download the Colu app for free and ensure that they connect a payment card as a source of payment.
On a personal level, users will earn Belfast Coins at no financial cost, simply by doing everyday activities which benefit the city. Belfast Coins can be used as payment at all participating merchants. On a wider level, users will be doing something good for the city, helping Belfast achieve economic and environmental targets which will benefit everyone living and working in the city.
Businesses receive payment in regular Pounds, regardless of whether a customer pays in Pounds or Belfast Coins. The technology will automatically ensure that any participating business is credited in Pounds for a Belfast Coin payment.
No, Belfast Coins cannot be purchased. They can only be accumulated by completing activities specified within the Colu app. Belfast Coins are intended for use within the Colu App only. They cannot be withdrawn or redeemed into regular Pounds or otherwise transferred, credited or used outside the Colu App.
