The use of cash falls sharply in Norway

Money fixed interestNorwegian bank notes, Photo: Norway Today Media

Norwegians’ use of cash has been halved in the past few years, but Norges Bank clarifies that it is the banks’ duty to offer cash services.

 

In the annual report on financial infrastructure, Norges Bank emphasizes that cash is still an important means of payment. Unlike those who point out that cash may soon be phased out, the National Bank believes that cash must be a mandatory payment option in the foreseeable future.

In ten years, the use of cash as a means of payment in Norway has decreased from 24 percent in 2007 to 11 percent in 2017-18.

Banks’ duty
There is still good access to withdraw cash in Norway, but it is pointed out that the offer is vulnerable and that today it is provided by companies that are not obliged to do so if they do not earn anything on the operation.

This concerns Norges Bank, which indicates that it is the banks’ responsibility to provide people with access to specific money both in a situation where electronic payment solutions disappear, but also under normal circumstances.

“Cash is a part of the overall preparedness for a possible failure of the electronic emergency solutions. According to Norges Bank’s view, there is a need for the banks’ statutory duty to offer cash services also in a normal situation,” says Deputy Governor Jon Nicolaisen.

 

© NTB scanpix / #Norway Today

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