Bank / Credit Union

Norway's cash transactions plummet

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November 10, 2020

Norway's central bank, Norges Bank, conducted a study that shows that cash is being used for just 4% of transactions in Norway.

In a speech at a payments conference in Oslo, Ida Wolden Bache, deputy governor of Norges Bank, said the decreased use of cash in Norway was uncovered in the study just three weeks ago, according to a report in Finextra.

"Only 4% of payments are now made using cash," Wolden Bache said. "This share is approximately the same as in spring, and considerably lower than before the pandemic. To our knowledge, the share of cash payments is lower in Norway than in any other country."

Norway has been exploring the options for creating a digital currency and offering real-time business-to-business payments.