Are we heading towards cashless societies? (2 min video)

CCTVThe largest bank in Norway, DNB, wants societies to become cashless, doing all payments digitally. Per February 2016 just 6 percent of the Norwegian population uses cash on a daily basis. One advantage of this digitization is that all payments will be visual or transparent. The black economies will shrink.

Even if the development heads in the direction of more digitization in all parts of society, I don’t think the Norway, or any other country for that matter, will become 100 percent digital or cashless. Many inhabitants, in particular the elderly, er not so confident with paying via the Internet, or making sure that one’s PC, iPad or mobile device is secure enough, so that no may misuse one’e Internet bank.

The Chinese own TV station China Central TV (CCTV) ran a segment on Norway and cashless societies February the 25th, 2016. You may see the 2-minute clip by clicking here. You will see some interviews or comments of private citizens, from the bank DNB, and even from me. One of the citizens says that all payments are likely to happen within just a few years. An other citizen says that she wishes to use cash because she sees it as her private right what and when she uses her own money for, she just dislikes that absolutely all payments must or can be traced. Watch the clip and decide for yourself; are you OK with having all your funds accessible in a digital way? I would like to hear your opinion.

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