Nordic countries facing problems in bid to go cashless

The Nordic region has been attempting to transition to a cashless economy for some years now. In Sweden less than 1/5 transactions are now made using cash, with similar figures estimated for Norway. The growth of mobile payment options has added fuel to the fire of a race to remove cash as quickly as possible.

While governments are keen to fast-track the transition to cashless, viewing the process as a method of removing corruption and centralizing the economy, banks and consumers see problems. Norge Bank (the Norweigan Central Bank) have stated the move is overly ambitious in the medium term, and even issued new 100 and 200- kroner banknotes.

Overall however it would appear that the march to cashless is going relatively well for Sweden and Norway. Finland however is lagging behind, with c.30% of transactions being made via cash.  Issues have also arisen in Denmark, with a number of complaints, particularly from citizens over 65, many of whom don’t have access to internet banking.


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