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Norway searching for an efficient payment system

June 12, 2012 – ‘The Norwegian payment system is efficient, but there is nonetheless room for improvement. New payment services will increase the speed of payment transactions’, says Deputy Governor Jan F. Qvigstad.

Norges Bank’s 2011 Annual Report on Payment Systems shows that electronic services are used extensively in Norway. Iceland and Norway currently lead the world in payment card usage. It is nevertheless possible to reduce payment costs.

‘Electronic exchange of information should be utilised to a greater extent than at present. The electronic invoicing requirement to be applied to all government agency supplier contracts entered into after 1 July this year has the potential to reduce costs in this area’, says Qvigstad.

New technology provides opportunities for new payment solutions. Some banks in Norway are in the process of developing solutions for contactless payments using a mobile phone or a payment card. The banking industry is also planning to introduce other services and changes in payment settlement services that will increase the speed of payment transfers.

‘Norges Bank takes a positive view of initiatives to make payment transactions faster and more efficient, provided security and operational stability are high’, says Deputy Governor Qvigstad.

For the time being the report is available only in Norwegian. However, the bank has announced an upcoming English version too.

Read also this recent article on the developments in Sweden where some people think to see even the end of cash money.

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