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In Norway, 5 years to cashlessness

Already, cash accounts for less than 5 percent of transactions in Norway. But not all Norwegians like the idea of having to leave an electronic trail with every financial exchange.

July 17, 2014

In just about five years Norway will be cashless, according to one of the nation's leading financial confederations. The Scandinavian country doesn't have all that far to go to get there. Currently cash figures in only 5 percent of transactions in Norway.

A confederation of 200 FIs and other financial entities in Norway, Finans Norge, is pushing for the elimination of cash as a means to reduce crime, according to a report by Russian publication RT.

However, not all Norwegians are happy about the prospect of cashless commerce.

Liberal party member Guri Melby told Norway’s News in English that the elimination of crime along with cash was wishful thinking.

“We already see today that crime is moving to new areas," he said. "There is just as much fraud of bank cards and electronic payment methods, and we also see new payment methods, like for example Bitcoin, pop up.” 

The Norwegian Data Protection Authority has said that it's a policy concern when citizens cannot pay for anything anonymously.