24 September 2018
In 2016, social costs of payments between households and firms made up approximately kr. 11 billion, corresponding to 0.5 per cent of GDP. This is almost a 50 per cent reduction compared to 2009.
The fall in society's use of resources for payments in Denmark amounts to kr. 7 billion. The lower social costs have been attained although the number of payments has risen by 16 per cent in the same period.
This is the conclusion of a series of analyses based on The Danish Payments Council's survey of the social costs of payments in Denmark. The analyses are the first in a series to give insight into the social costs of different types of payments.
"The fall in the social costs of payments is a benefit for society. It is pleasing to see that this is also the case for cash which in 2016 was at the same level as debit cards. Danmarks Nationalbank expects a continuing fall in the use of cash for payment. However, we do not expect the cashless society to be just around the corner," says Governor Per Callesen.
Overall, the social costs amounted to kr. 15.6 billion in 2016. Payments from households to firms accounted for most of this cost, but at the same time also made up most of the payments. The remaining payments are mainly attributable to payments between firms, while payments between individuals account for a very small share.
With the survey of the social costs of payments in Denmark and earlier reports, The Danish Payments Council increases transparency in the payments market and contributes to a diversified supply and competition.
In 2012, Danmarks Nationalbank established The Danish Payments Council as a forum for collaboration on Danish retail payments. The analyses are available at Danmarks Nationalbank's website.
Enquiries can be directed to Ole Mikkelsen, press consultant, tel. +45 3363 6027.