Norway is considering full switch to electronic money

Norway may become the first country in the world to completely ban paying with cash. An organization of 200 banks and other financial institutions has spoken out in favor of this.

As far as the payment organization Finans Norge is concerned, the Scandinavian country could switch completely to electronic payments in 2020, writes Elsevier. According to the organization, paying with cash costs society relatively much, while less and less use is made of it: only five percent of payments would still be made in cash. Only in Sweden and the United Kingdom do consumers use cash less often, says Finans Norge.

Costs aside, abolishing cash should address problems such as bank robberies, money laundering and other crimes, the organization said. Critics doubt that: even with electronic money alone, theft will continue to exist, says a liberal politician. There are also privacy concerns when every payment is recorded.