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Despite Norway’s push towards a cashless society, recent changes to the Central Bank Act aim to reinforce the right of consumers to pay with cash, putting a temporary brake on the cashless economy drive. According to a survey by Norway’s central bank, only 3% of consumers currently use cash for their purchases. However, the central bank believes many Norwegians are frustrated by the widespread “cash not accepted here” signs in retail stores across the country.
A newly introduced amendment to the Central Bank Act, championed by both the Norwegian Government and Norges Bank, now clarifies the right of consumers to make cash payments for amounts up to 20,000 kroner. The new law stipulates: “In sales premises where a business regularly sells goods or services to consumers, the consumer shall be offered the option to pay with legal tender if it is possible to pay for the goods or services with other payment solutions. If the business has available change, it must also offer to provide change in connection with the payment, unless there is a clear discrepancy between the banknote offered as payment and the amount to be paid.”
The government has committed to enforcing fines for businesses that “willfully or negligently violate the rules” by refusing to accept cash.
“In a digital world, it’s easy to overlook that there is a significant group of people who are not digitally engaged,” stated Minister of Justice and Public Security, Emilie Enger Mehl. She added, “Cash is also crucial for emergency preparedness in society. The previous regulations were unclear, and people should be confident that they can pay with cash when they visit a store, restaurant, or hairdresser.”
This move reflects the importance of maintaining cash as a viable payment option, particularly for those who may not have access to digital payments or prefer cash for privacy and security reasons. It also highlights the role of cash in ensuring preparedness for emergencies that could disrupt digital systems.
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