Norway could stop using cash – how will it affect your business?
DNB, Norway’s largest financial services group believes the dangers and disadvantages of cash make it necessary to give it up as a payment method. According to VG, there is about 50billion in circulation, of which only 40% can be traced by Norway’s central bank, Norges Bank.
Director for retail banking in DNB, Trond Bentestuen believes much of the untraceable 60% revolves around money laundering and the black economy.
If Norway becomes a ‘cashless’ society – and indicators suggest it might, with only 6% of Norwegians using cash daily – businesses, especially in the retail sector, will need to ensure they are sufficiently prepared with merchant terminals and support options in case of unplanned technological problems.
As a progressive and technological society, Norway can confidently achieve a full transition from cash to card, but businesses will need to continue to ensure friction is reduced at all stages of the buying process – this means contactless, chip & pin and wearables – maybe even ‘implantables’ (possibly a little further down the line)
Norway has proven to be a brilliant launch location for many emerging technological advancements. It’s no surprise that Norway has been leading the way with Tesla and the electric car revolution.
If your business needs an in-depth technical exploration and strategic review, from supply chain and logistics, through to point-of-purchase and customer engagement, please contact Achieva. Additionally, if your business is focused on improving the retail experience and advancing the ‘cashless’ society (aware there are two ways of reading this!), we are here to help.