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
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1047
Content accuracy validation date:
11.03.2024
Content accuracy validation time:
13:00h
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.
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