According to a survey conducted by Epinion for Danske Bank, three out of four small and medium-sized enterprises (SMEs) in Denmark believe that, for them, cash will be a thing of the past in five years.
SMEs are preparing for a cashless future. According to the survey, nearly one-third (31%) say they have already done away with cash in their businesses, and a further 43% do not expect to be using cash in five years. The survey was conducted among 900 decision-makers in businesses with 2-249 employees.
The 'cash rule'
Even if a business has switched entirely to payments with cards or apps and no longer uses cash, it is a breach of the so-called 'cash rule' to turn away customers who wish to pay in cash.
According to the cash rule, shops and other merchants are obliged to accept cash payments between 6am and 10pm. However, shops in areas with a high risk of robbery may decline cash payments after 8pm, partly for employee safety reasons.
"The survey confirms that cash is slowly disappearing from our society as a method of payment," said Niels Bang-Hansen, head of Business Banking Denmark at Danske Bank. "As a bank, we want to help our customers adapt to this change and contribute to ensuring a smooth transition to a cashless society. For example, we’re focusing on offering new user-friendly payment methods, so no one is left behind."
Use of MobilePay on the increase
According to the survey, one in five SMEs are already offering their customers the option to pay with mobile payment solutions such as MobilePay. Almost as many say they are considering offering it. This is a development that MobilePay recognises. After a massive influx of new business customers last year, MobilePay is still acquiring up to 100 business customers a day. Currently, MobilePay counts 128,000 shops and webshops as customers in Denmark.
“To cater to the needs of private customers, businesses almost have to offer MobilePay, because customers increasingly expect to be able to pay with their mobiles. More than a third of our payments are now business payments, and the number will continue to rise,” says Torben Gamst, CEO of MobilePay.
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