Despite only three percent of Norwegian customers using cash, new legislation mandates that businesses must offer cash payment options for amounts up to 20,000 kroner (about 1,670 EUR) from October 1, 2024. The government has reinforced this right by committing to fine businesses that neglect to comply, underscoring cash's role in accessibility and emergency preparedness.
New cash payment rules in Norway
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Norway
Author: Ivana Picajkić
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Fiscal subject related
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1592
Content accuracy validation date:
05.11.2024
Content accuracy validation time:
11:58h
According to a survey by Norway’s central bank, only three percent of customers in Norway used cash to pay for their shopping.
A recently enacted amendment to the Central Bank Act, backed by the government and Norges Bank, clarifies that consumers have the right to pay with cash for amounts up to 20,000 kroner (approximately 1670 EUR). The legislation states: "In sales premises where a business regularly sells goods or services to consumers, the consumer shall be offered the option to pay with legal tender if it is possible to pay for the goods or services with other payment solutions. If the business has available change, it must also offer to provide change in connection with the payment, unless there is a clear discrepancy between the banknote offered as payment and the amount to be paid.“ The rules must be applied from October 1st, 2024.
The government has committed to imposing fines on businesses that intentionally or carelessly disregard these regulations.
Minister of Justice and Public Security remarked that in a digital world, it can be easy to overlook that many people are not digital users, and that cash is also crucial for societal emergency preparedness.
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