Frontpage News 2016 New report raises ...

New report raises debate on the future of cash

23 June 2016

On 23 June 2016, the Danish Payment Council published a report on the role of cash in Denmark. According to the Danish Bankers Association, the report is a good starting point for continuing the discussion about the Dan-ish rules on cash, which currently require all shops to accept cash pay-ments.
The report describes the role of cash in society as historic but continually declining, while also focusing on legislation surrounding the use of cash and the positive and negative qualities of cash as a payment method.
 
“We welcome the report from the Danish Payment Council. It starts a de-bate on the importance of cash and its future role in our society, and as a trade association, we are interested in playing a constructive part in this debate,” says the Director of Digitisation at the Danish Bankers Association, Michael Busk-Jepsen.
 
The report illustrates the advantages and challenges of using cash.
“Cash is a relatively expensive payment method and there are large societal costs connected with the risk of robbery, not to mention the human costs for people who are subjected to bank robberies,” Michael Busk-Jepsen says.
 
Pilot scheme for cash rules
At the Danish Bankers Association, it is hoped that the report can contribute positively to the dialogue on cash rules. The Danish Bankers Association believes that the rules should be partially relaxed, for example with a pilot scheme. According to the trade association, a pilot scheme could be ar-ranged so that concerns about the consequences for particularly vulnerable groups in society could be dealt with in the best possible way.
 
“We would like to see agreement about the pilot scheme, so that shops have the option of diverging from accepting cash. This could, for example, be during night hours, where the risk of robbery is largest, or for special shops or situations, where cash is impractical,” Michael Busk-Jepsen says and concludes:
 
“As the report concludes, we do not believe that relaxing the rules on cash will lead to shops refusing cash. However, it could bring new and better op-portunities for Danish business.”
 
For further information, please contact the Head of Media Relations at the Danish Bankers Association, Stine Luise Hansen on tel.: +45 3316 1009
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