A Scandinavian country's sudden return to cash
Local media in Norway has been promoting the idea of a cash-free society, but will the media outlets consider the other side of the argument when they see the Norwegian people return to cash? Because that time is now.
The technology-loving nation is known for celebrating innovation and connectivity, with almost the entire population having access to the internet and boasting the largest number per capita of plug-in electric cars, they are suddenly seeing a U-turn back to cash.
Maybe it's a conscious effort by the population to support the number one privacy-promising payment option in response to pro-cash movements or maybe it is an inevitable return to tried-and-tested cash after the hype for novelty payment options eventually dissipates.
"If you pay online, you’re leaving tracks. And with regards to emergency situations, you can lose power and network problems can occur."
From 2012 to 2016, figures from NHO Travel (Norway’s major organisation for employers and the leading business lobby) have shown a worrying 22% drop in cash use within groceries stores.
Suddenly, the first week of October 2017 saw a fierce return to cash with almost half of all customers choosing cash over other payment options.
See that, Nordea bank? Customers may suddenly return to cash and it is the duty of banks and merchants to ensure that this ultimate contingency payment option continues to exist for them!
Excerpt from Global Yes-To-Cash article
By the first week of October 2017, 46% paid with cash in their grocery store according to Aera, a retail payment organization in Norway. The people’s movement Yes to Cash is changing things in Norway, and the leaders of the area tell the media they are very surprised.
We enter a time now when there are good reasons to believe that new technologies, financial technologies included, will mean far less than the profit in stores. Stores are dying one by one all over the world. They must make money here and now, and nothing else... Continue reading.
Editor of State of Globe. 'Use of cash returns in Norway.' Global Yes-To-Cash. October 24, 2017. Accessed October 24, 2017. Web.
Global Yes-To-Cash is an international body politic of proponents for cash unified under the banner of a Global Y2C movement, and here to advocate for the preservation of cash being the standard medium of exchange, to have and hold as legal tender for the acquisition of daily goods and services.
The movement was originally founded by Hans Christian Faerden from Norway, who was then acting Chairman, and to date Yes-to-Cash has endured various trials, but all the while bearing good fruit with its numerous successes highlighted herein this bedtime story... Continue reading.