Denmark heading towards cash-free future

July 15th, 2014 5:53 pm| by admin
facebooktwittergoogle_pluspinterestmail

The way Danes still call their money 'kroner' (literally meaning 'crowns') is a reminder of their feudal past, but just like the late great kings, all the coins may soon be history.

EPN reports that bank cards have become the standard form of payment to such a degree that cash may completely disappear in the near future.

Money is digital
In the last 30 years, the number of Dankort transactions in Danish stores has been on a steady rise, according to figures released from the national bank.

In 2012, people paid with their Dankorts nearly a billion times, compared to 400 million times in 2000, while cheques and cash payments are getting rarer. In addition, mobile payments are getting more and more popular.

Cash-free zone
Johan Juul-Jensen, an economist at Nykredit, is confident that Denmark will become a cash-free zone one day.

"I don't think it's right around the corner," he told EPN.

Cash is still something that most people like to have. There is something familiar and traditional about carrying cash."

"It's the direction we are heading – but not in the short run."

His prediction was that people will give up on kroner this century.

In the government's latest growth deal for this year, a three-year test trial of cash-free stores was discussed to prevent robberies, but the proposal was never passed.

The Danes suffered many casualties during the battle (photo: iStock)
Today’s date: Battle of Fredericia
Today is a military flag day recognising the Battle of Fredericia in 1849 w...
(photo: Sarah_Ackerman)
He’ll leave his heart in Copenhagen and she’ll send them gaga
  The highlight of the Copenhagen Jazz Festival this year is the op...
Queen of S-ass
Roskilde 2015: Menaj á two stars
  Whether it was the late afternoon heat yesterday, a week of party...
13 weeks ago Kayser met Kaysen, now the results are here
Flex with Becks Week 13: Don’t stop me now ’cause I’m having a good time
This is it: the final week of my three-month fitness challenge with KayserF...
The barons and John quickly fell out, and he died a year later
Trading Kingdoms: Still relevant 800 years later
Earlier this month, celebrations to mark the 800th anniversary of the seali...
The awesome foursome gave a sweaty, feisty, gutsy performance (all photos: Ella Navarro)
Roskilde 15: Breaking boundaries and we like it
  Roskilde was burning hot, but this didn’t prevent a sizeable cr...