26 Jul '14, 4pm

Financial Group: Norway Could Become Cashless By 2020 via @josephjett #bitcoin

Financial Group: Norway Could Become Cashless By 2020 via @josephjett #bitcoin

A leading financial association in Norway recently suggested that the country could very well be on track to becoming cashless by the year 2020. The group noted that only about five percent of transactions conducted in the country are done so with cash, and suggests that eliminating paper money would likely pose no harmful effects to the economy. “Cash now represents such a small proportion of payments in the society, that we could well do without it,” a statement read on the Finans Norge website earlier this week. The organization represents 200 financial institutions that are currently operating in Norwegian borders. Additional statistics cited indicated that there was an 8.6 percent growth in credit/debit card usage in the first half of 2014 alone. Norwegians have been withdrawing less and less cash from ATM machines during that same time period, as well, bringing Finan...

Full article: http://newsbtc.com/2014/07/26/financial-group-norway-beco...

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