Norway mandates cash payments to safeguard seniors and security
Despite earlier plans to abandon traditional money, the Norwegian government has implemented regulations guaranteeing the universal ability to pay with cash. The needs of older people and security considerations justify this decision.
6:19 PM EDT, October 2, 2024
Starting October 1, all Norwegian entrepreneurs are required to accept cash payments from customers if the amount does not exceed 20,000 kroner (about $1,850). Exceptions include medical offices and public transportation.
Minister of Justice and Public Security Emilie Enger Mehl admitted in an interview with TV2 that not all citizens use digital forms of payment. According to recent studies, as many as 600,000 Norwegians consciously avoid electronic payment solutions, which is over 10 percent of the country's population, with a predominance of seniors.
We must reach out to people who have difficulties using digital payment methods. In today's world, it is easy to forget that there is a large group of people who are not digital – emphasized Enger Mehl.
Norwegians pessimistic about moving away from cash
She also added that maintaining cash prepares Norway for potential failures of electronic payment systems – both caused by technical issues and interference from special services from other countries or hacker groups. In such situations, cash, according to Enger Mehl, is the safest solution.
However, accountants expressed their doubts. Regnskap Norge, the largest Norwegian chamber of commerce for accounting specialists, called the new regulations "a gift for criminals" in a published statement.
Chamber CEO Rune Aale-Hansen emphasized that it is criminals who most willingly use cash. He also argued that according to his institution's calculations, "the complete abandonment of cash could reduce the cost of doing business in Norway by over 10 billion kroner (about $925 million)".
