Denmark heading towards cash-free future

Scandic has 230 hotels in seven countries (photo: iStock)
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 pen is mightier than the sword, but maybe not as strong as coffee (photo:istock)
Mental Floss: Let it out
  It is good for the constitution to get things off one’s chest,...
Untitled
This month’s quiz: Do you have what it takes?
  How to win Identify what the clues in each circle have in common...
Samba de Janeiro!
Out and about: Copenhageners captivated by the carnival
  Carnival was in town last weekend as a huge variety of nationalit...
It was time to punish the 'bad guys' (phoyo: istock)
Today’s date: Death penalty returns
  Following the end of World War II, the Danish parliament passed t...
Sit back and hope for the best (photo: istock)
Bid and overbid
  The election campaign started a long time ago. Everyone knew that...
Flea's a Cloud? (Photo: iStock)
How to negotiate a Danish institution: the flea market
Jake and I regularly have fun sifting through treasures at car boot sales. ...