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Banking Frontiers - - News -

The Bank of Fin­land says use of cash by con­sumers in the coun­try has been in steady de­cline since 2000 and the use of elec­tronic pay­ment meth­ods have risen in an equal mea­sure. Some 10 years ago, about onethird of peo­ple in the coun­try used cash on a reg­u­lar ba­sis. Now cash is mostly used by se­nior cit­i­zens who still pre­fer to do so. But the bank said in­di­vid­u­als who keep a close eye on their fi­nances also pre­fer pay­ing with bank notes and coins. Some pub­lic agen­cies in the coun­try do ac­cept cash. And there is no law which re­quires shops and ser­vices to ac­cept cash pay­ments - un­less a cus­tomer has no other way of pay­ing than with bank notes. The cen­tral bank, how­ever, said there are still many good rea­sons to con­tinue us­ing hard cur­rency. For ex­am­ple, cash can be used to sup­ple­ment elec­tronic pay­ment meth­ods, as it helps to bal­ance things out.

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