One in Three Norwegians Expects Notes and Coins to Disappear
More than a third of Norwegians believe that consumers will eventually stop using cash as a way of paying for goods and services, according to a survey commissioned by EDB ErgoGroup. In parallel with this, figures from EDB ErgoGroup show that cash withdrawals from mini-banks have fallen by 25% over the last five years.
Thirty-four percent of respondents answered ‘yes’ to the question: “Do you expect to see notes and coins disappear as a means of payment?” Analysing the response by gender shows that 37% of men and 31% of women expect to see the use of cash disappear.
Forty-five percent of respondents said that they normally carry either no money or less than NOK200. Eleven percent said that they usually did not carry any cash at all. The proportion of respondents who carried no money was higher for men (13%) than for women (8%). The age group with the highest proportion of respondents carrying no money was 25-39 (18%).
“In just a few years’ time, mobile phones will be very much the dominant payment method. We have so far seen just the beginning of technological development in this area, and we expect explosive growth over the next few years. Thanks to the variety of wireless technology now emerging, payment by card and payment by mobile phone are beginning to merge into one payment method. The mobile phone is becoming our new wallet. In the future, when we want to make a payment in shops, street kiosks, restaurants and the like, we will simply wave our mobile phone past an electronic reader,” said John-Arne Haugerud, who is deputy chief executive officer (CEO) of EDB ErgoGroup and is responsible for business development.