Denmark Seeks to Eliminate Most Cash Transactions (May 13, 2015)
The Danish government wants to eliminate the obligation of accepting cash for certain retailers—expediting a move toward a cashless economy some government officials believe will reduce costs and increase productivity for affected businesses. Clothing retailers, gas stations and restaurants, among others, would not have to accept cash payments from customers, according to reports. Essential services, such as doctors, dentists, grocery stores and post offices still would be required to accept cash.
Critics fear that such a move might increase fraud, Reuters reports. Almost one-third of Danish consumers use Danske Bank’s MobilePay, which said it’s improving its fraud prevention by linking the app to NemID, a digital signature connected to the Danish equivalent of a Social Security number. The proposal isn’t expected to meet much opposition in the country, but it still needs to be approved by parliament.
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