In March 2024, Denmark plans to lower the cash payment limit from 20,000 to 15,000 kroner (1300 EUR), marking a significant push towards digitalization. This initiative mirrors Denmark's gradual departure from cash, favoring digital transactions, which already dominate retail purchases. By 2023, digital payments will constitute almost 90% of all transactions in physical stores, facilitated by the popularity of payment cards and mobile payment solutions like MobilePay, Apple Pay, and Google Pay.
The Cash Payment Limit Reduction in Denmark
Public
Denmark
Author: Kristina Dosen
Category:
Fiscal subject related
Views:
221
Content accuracy validation date:
11.03.2024
Content accuracy validation time:
13:00h
Content
Despite the digital trend, cash remains in circulation, utilized for personal transactions, and tourists prefer physical currency. In 2021, cash was used for about 12.5% of shop payments, illustrating its ongoing relevance in the Danish economy.
This cash payment limit reduction aligns with Denmark's goal to become a fully digital economy. It promotes digital payments while recognizing the necessity of cash for certain societal segments and transactions, ensuring inclusivity in Denmark's financial ecosystem.
Other news from Denmark
New document was uploaded: Digital Product Passport
Author: Kristina Dosen
Do you even know what DPP is? Digital Product Passports (DPP) are set to play a crucial role in the European Union’s commitment to a circular economy. The purpose of this document is to provide you with a necessary overview of the upcoming Digital Product Passport requirements set to be implemented by the European Union. Read more
Are pop-up stores, and street and market sales in Denmark subjected to fiscalization?
Public
Denmark
Author: Kristina Dosen
Denmark
Author: Kristina Dosen
In many fiscalization systems, pop-up stores and so-called street and market sales fall under the same fiscalization obligation as regular stores, while other systems carve out special exemptions for these types of sales. In Denmark, the obligation is tied to the ability to print receipts. In circumstances where printing a receipt is not feasible, businesses are exempt from producing a simplified... Read more
Checklist: 15 technical requirements for POS systems in Denmark
Denmark
Author: Kristina Dosen
In the following, we explain in detail facts about 15 technical requirements regarding POS systems in Denmark, such as Can the sales registration system generate an X report? Can the sales registration system generate a Z report?Does the sales registration system have SAF-T as the default file format? etc Read more
Danish Cash Register Regulation: The Role of OCES Certificates
Public
Denmark
Author: Kristina Dosen
Denmark
Author: Kristina Dosen
Businesses in Denmark that use cash register systems must record and report their sales transactions to the tax authority in a digital format called SAF-T. To do this, they need an OCES certificate, which is a digital document that proves their identity and authority. But, what else do they need to do? They must sign the transaction data with their OCES certificate, which ensures its authenticit... Read more
New document was uploaded: Recorded webinar: It’s time to grow together
Public
Author: Kristina Dosen
In this discussion, we have introduced our new partner program and what is essential for international growth, while dealing with topics such as - Success factors for POS applications - What does globalization mean? - How to grow globally? Furthermore, we presented benefits for our partners. Last but not least, we presented our fiscal cloud architecture and its important features.You can down... Read more
Penalties in Denmark for Non-Compliance with Digital Sales Registration Requirements
Public
Denmark
Author: Kristina Dosen
Denmark
Author: Kristina Dosen
From January 1st, more businesses in Denmark are bound by the fiscalization regulation and have to be able to prove that their digital sales registration systems (POS) meet certain requirements. Let's explore further about this. The Danish Tax Agency has underscored the severity of non-compliance by introducing escalating fines for businesses found to be in violation during routine inspections.... Read more