https://financialpost.com/news/economy/cashlessness-may-have-gone-foo-far-in-norway-government-warns Skip to Content COVID-19 PostPandemic: How COVID-19 is reshaping Canada PostPandemic: How COVID-19 is reshaping Canada Read More> Sections Search Search financialpost.com [ ] Perform search Financial Post Share Close Share this Story: Cashlessness may have gone foo far in Norway, government warns * Copy Link * Email Email * Facebook Facebook * Twitter Twitter * Reddit Reddit * Pinterest Pinterest * LinkedIn LinkedIn * Tumblr Tumblr Subscribe Main Menu Search financialpost.com [ ] Perform search * News + PostPandemic + Archives * Personal Finance + Business Essentials + Debt + Family Finance + Taxes + Retirement + Young Money + High Net Worth * FP Comment * FP Picks * Investing + Investing Pro * Markets * Economy * Executive Women * Entrepreneur + Small Business * Real Estate + Commercial Real Estate + Mortgages * Commodities + Agriculture + Energy + Mining * Innovation + Post Arcade + Information Technology + FP Magazine o CEO of the Year o FP500 * National Post * Videos * More + Shopping Essentials o Home Living o Style & Beauty o Kitchen & Dining o Personal Care o Entertainment & Hobbies o Gift Guide + Cannabis + Executive + Legal Post + Podcasts + Posthaste + Retail + Transportation + Classifieds + Place a Classifieds ad + Obituaries + Place a Notice + Jobs * News * Personal Finance * FP Comment * FP Picks * Investing * Markets * Economy * Executive Women * Entrepreneur * Real Estate * Commodities * Innovation * National Post * Videos * Share via email * Share on Facebook * Share on Twitter * Open more share options Close Share this Story: Cashlessness may have gone foo far in Norway, government warns + Copy Link + Email Email + Facebook Facebook + Twitter Twitter + Reddit Reddit + Pinterest Pinterest + LinkedIn LinkedIn + Tumblr Tumblr Breadcrumb Trail Links 1. News 2. Economy Cashlessness may have gone foo far in Norway, government warns Banknotes and coins are used in only 3-4 per cent of all transactions in Norway, the lowest level of cash usage in world Author of the article: Bloomberg News Bloomberg News Ott Ummelas and Stephen Treloar Publishing date: Apr 23, 2021 * 8 hours ago * 2 minute read * Join the conversation A bundle of five hundred krone Norweigian bank notes and kroner coins. A bundle of five hundred krone Norweigian bank notes and kroner coins. Photo by Kristian Helgesen/Bloomberg files Article content Norway's government wants to make sure banks don't stop providing cash, as the country becomes the world leader in abandoning physical notes and coins. The Finance Ministry has told the Financial Supervisory Authority in Oslo to put together a plan that will ensure banks continue offering cash services, according to a statement on Friday. That's after the FSA's own survey found that a number of Norwegian banks "claim that they are not responsible for offering cash services." We apologize, but this video has failed to load. Try refreshing your browser, or tap here to see other videos from our team. Cashlessness may have gone foo far in Norway, government warns Back to video Close sticky video Banknotes and coins are used in only 3-4 per cent of all transactions in Norway, the lowest level of cash usage in world, according to calculations by Norges Bank. Neighbouring Sweden, another nearly cashless society, has also sounded the alarm amid concerns that the complete disappearance of paper money would pose a number of risks. The near obsolescence of cash has prompted central banks in both countries to explore their own digital currencies. Advertisement Story continues below This advertisement has not loaded yet, but your article continues below. Article content "There is a need to clarify individual banks' duty to give customers the opportunity to deposit and withdraw cash," the Finance Ministry said. That's amid signs that banks are currently refusing to offer cash services on the grounds that "their customers do not have expectations of such an offer, and that the banks have specialized in other business areas," it said. More On This Topic 1. The move to a cash-lite society has been happening for a while. The Great Rethink: Cash is no longer king and the transition is going to be a high-stakes affair 2. A self-ordering kiosk at a McDonald's in London, Ont. McDonald's ordering kiosks have a major flaw, making them unusable for large number of customers 3. None In Sweden, cash is almost extinct and people implant microchips in their hands to pay for things 4. A cash-free bar in Stockholm. The pace at which cash is vanishing in Sweden has authorities worried. As 'no cash accepted' signs spring up everywhere, Sweden worries it's gone too far with digital payments Ida Wolden Bache, the deputy governor of Norges Bank, said that "cash serves important functions in the payment system and so we take measures to make sure it is still accessible and available." Speaking in an interview with Bloomberg on Friday, Wolden Bache also said there are no plans to "abolish or stop supplying cash," if a central bank digital currency were to be introduced. In Sweden, legal changes requiring the country's biggest banks to provide access to cash services entered into force in January. Last month, the Riksbank said it will triple the number of offices available to handle notes and coins. Norway's watchdog has until Sept. 3 to respond to the finance ministry's request. Bloomberg.com Share this article in your social network * Share via email * Share on Facebook * Share on Twitter * Open more share options Close Share this Story: Cashlessness may have gone foo far in Norway, government warns + Copy Link + Email Email + Facebook Facebook + Twitter Twitter + Reddit Reddit + Pinterest Pinterest + LinkedIn LinkedIn + Tumblr Tumblr Advertisement Story continues below This advertisement has not loaded yet, but your article continues below. The Logic In-depth reporting on the innovation economy from The Logic, brought to you in partnership with the Financial Post. Top Stories Newsletter Sign up to receive the daily top stories from the Financial Post, a division of Postmedia Network Inc. Email Address [ ] * There was an error, please provide a valid email address. [Sign Up] By clicking on the sign up button you consent to receive the above newsletter from Postmedia Network Inc. 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