Norway leads cashless revolution

Norway leads cashless revolution
Published on Mar 15, 2016

Nordic and Scandinavian countries are leading the cashless revolution. In Norway, just six percent of the population are still using cash. Almost everything in Norway can now be paid for by card or digitally, leading one of the country’s banks to question the need for cash.

cashless revolution

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0:00freezing morning in Oslo as a fairy cuts through the icy Harbor nearby fishermen
0:07sell their catch tellingly most of the customers pay by card almost everything
0:14in Norway can now be paid for by card or digitally leading one of the country’s
0:20banks to question the need for cash the main reason is that all new agents are
0:25going digital only 6% of our customers are using cash on a daily basis
0:30cash is actually fueling the black economy and we are very worried about
0:35anti money laundering
0:37banks perspective and obviously caches is easy to move around and digital money
0:43on the busy shopping streets of Oslo the idea has had a mixed reaction well I
0:50don’t like the US I am won’t reduce the noise you want me it’s a kind of feeling
0:56using morning and I like you have control of money I’ve gotten rid of all
1:02my cash so you see on so I think that’s especially in Norway
1:06I think in a few years there will only be graded cards are maybe not even
1:11credit cars trucks only using your phone no way would appear to be better placed
1:17than most to take the leap into becoming a cashless society but there are still
1:22concerns not least the interests of vulnerable groups and the elderly and
1:28then there is the question of confidentiality I can see it happening
1:33but I don’t think it’s a good thing I don’t like it I like to be free to use
1:38my money without
1:40tracing the money all the time not because I’m doing anything illegal
1:45because it’s my privacy it’s a subject for debate to the BR Business School
1:51many of the students believe a cashless society is just a matter of time
1:57others are not so sure society which is a topic of my research I think that
2:04there would be maybe just one percent of the transactions done with cash I think
2:11we’re moving into a digital society but it will never be 100% digital I think
2:16cash may well be losing favor but it remains to be seen if it will be frozen
2:22out altogether Dan Williams CCTV was low