Norway is set to enforce a sweeping cash acceptance law starting in October 2024, requiring shops to accept cash payments for transactions up to 20,000 kroner (around $1,875). But here’s the warning—while businesses have until January 2025 before fines kick in, those who ignore this law could face substantial penalties. This rule excludes online-only shops and allows temporary exemptions for technical or security concerns, but physical businesses must prepare now.
What’s at stake? Potential fines for non-compliance are expected to be severe, sending a clear message: cash must remain a payment option, and there will be no leniency for those who resist. Failure to prepare for this change could result in a costly oversight for many businesses.
This new regulation highlights Norway’s balancing act between embracing digital payments and preserving consumer rights to use cash. With fines expected to be significant, businesses must take action now to ensure compliance or risk being caught off guard in 2025. As cash continues to decline in global use, this law sets a strong precedent, warning the international business community that governments may push back on a cashless future to protect consumer choice.
Sources:
www.cashmatters.org/blog/norwegian-law-backs-cash-for-resilience-and-inclusivity
www.cashmatters.org/blog/norway-strengthens-the-right-to-pay-cash
www.newsinenglish.no/2024/04/19/krone-sinks-again-but-cash-form-rises/