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Danish Bankers Association supports elimination of the cash rule

6 May 2015

​The Danish Bankers Association supports the government’s proposal of partially eliminating the cash rule, which requires all Danish companies to receive cash payments.
 
For many companies, the handling of cash is a great financial, administrative – and often unnecessary – burden. At the same time, there is large security aspect in relation to robberies. Therefore, the Danish Bankers Association supports the government’s proposal to partially eliminate the cash rule, which requires all Danish companies to receive cash payments.
 
The digital development and the prevalence of debit cards and new means of payment imply that more and more Danes decide not to pay with cash.
 
“At the Danish Bankers Association, we work towards the cashless society. Many new user-friendly and secure means of payment are gradually being developed as alternatives to cash. However, it should of course be a gradual phase-out and it thus makes sense that selected stores initially still are required to receive cash payments, as the government suggests. This applies for e.g. grocery stores and pharmacies,” says the Danish Bankers Association’s Deputy Chief Executive, Louise C. Mogensen.
 
She points out that an elimination of the cash rule will spare companies for devoting time to collect change, to prepare and balance the cashbox and for prioritising resources to security guards and surveillance systems due to the risk of robberies.
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