Top payment trends and banking innovations will also be discussed at Portfolio's Banking Technology event on November 5. Registration and details here!
Currently, only three percent of Norwegian consumers pay for their purchases in cash, according to a survey by the Central Bank of Norway. But there are many people who, according to the Central Bank, would pay in cash, but they cannot do so, because “Cash is not accepted here” signs have spread throughout Norwegian retail stores.
The Central Bank Act was recently amended with the support of the government and the Bank of Norway
Clarifies the right of consumers to pay in cash up to a maximum of 20,000 kroner.
In businesses where a business regularly sells goods or services to consumers, the consumer must have the option of paying using legal tender.
the government Fines are expected to be imposed on companies that… Which “intentionally or negligently violate the rules.”
“In the digital world, it is easy to forget that a large group of people are not digital,” said Minister of Justice and Public Security Emily Inger-Mell. “Cash is also an important means of emergency preparedness for the community. The regulation has been very vague. People need to be confident that they will be able to pay with cash when they go to the store, restaurant or hairdresser.”
Top payment trends and banking innovations will also be discussed at Portfolio's Banking Technology event on November 5. Registration and details here!
The cover image is an illustration. Cover image source: Getty Images
