- The Danish government said today that it wants to allow gas stations, clothing stores, and restaurants the option to stop taking cash payments, a move that could accelerate a huge shift toward credit, debit, and alternative payment systems.
- If the change is implemented, it could mean that retailers, restaurants and gas stations would be able to turn away customers who don’t have access to electronic payments as early as Jan. 2016.
- The idea is that transaction costs, as well as crime, go down when physical currency is eliminated. According to a study by McKinsey, electronic payments make banking systems more productive and lessen the need for an informal or shadow economy, which isn’t taxed nor monitored by the government.
Denmark hopes to boost its economy by eliminating cash
5. 7. 15 by Andrew Johnson