Norway claims to use less cash as a proportion of total spending than any other country across the globe, according to a study by its central bank.
The use of cash in Norway has plummeted during the Covid-19 pandemic, and its central bank believes cash is used less as a proportion of total spending than in any other country. A survey from Norges Bank has revealed that less than 4% of spending in the country was made using cash in the autumn months this year. “Only 4% of payments are now made using cash,” said Ida Wolden Bache, executive director for monetary policy at Norges Bank. “This share is approximately the same as in spring, and considerably lower than before the pandemic.” Norway and fellow Nordic country Sweden are often cited as the countries closest to being cashless, and the Covid-19 pandemic might have accelerated the journey. “To our knowledge, the share of cash payments is lower in Norway than in any other country,” said Wolden Bache. According to Norway’s central bank, contactless and PIN-less payments are increasing sharply. “Three out of every four card payments are now contactless payments,” said Wolden Bache.