Denmark Aiming to Go Cashless by 2016

Mobile payment contactless POS small merchant retailer corner shopThe Danish government has put forward a plan that could see the countrys retailers ditching cash as early as January 2016, according to a CNN report.

Cash would be still be accepted by essential services such as hospitals, pharmacies and post offices, but the move would essentially leave krone notes and coins redundant.

A cashless society is “no longer an illusion,” according to Danish Bankers Association executive director Michael Busk-Jepsen, “but a vision that can be fulfilled within a reasonable time frame”.

All this is made possible by Denmarks high adoption of electronic and mobile payments. Danske Bank announced at the end of last year that it had 1.9m users of MobilePay, a money transfer service similar to Pingit in the UK. That number has reportedly now risen to the 2.2m mark – more than a third of the countrys entire population of 5.6m.