Denmark moves step closer to being a cashless country

Telegraph

The Danish government has proposed getting rid of the obligation for selected retailers to accept payment in cash, moving the country closer to a "cashless" economy.

Nearly a third of the Danish population uses MobilePay, a smartphone application for transferring money to other phones and shops, and Sweden, Denmark and Finland lead the European Union in credit card payments per inhabitant.

The Danish government said as of next year, businesses such as clothing retailers, petrol stations and restaurants should no longer be legally-bound to accept cash.

The proposal is part of a pre-election package of economic growth measures aimed at reducing costs and increasing productivity for businesses. It would need to be approved by parliament, although the timing of a vote is as yet unknown.

The proposal is unlikely to meet much opposition in Denmark, where it is common to use debit or credit cards for the smallest of payments.

Financial institution lobbyist Finansraadet said going cashless would save shops money on security and time on managing change from tills.

Source: http://www.telegraph.co.uk/finance/economics/11586778/Denmark-moves-step-closer-to-being-a-cashless-country.html