Denmark officially ends antiquated bank check

Thursday, December 29, 2016
By Paul Martin

RT.com
29 Dec, 2016

The country that uses online payments for even the smallest transactions, Denmark, has officially scrapped the old-fashioned check, calling it outdated, reports thelocal.dk.

Starting from January 1, Danes will only be able to cash checks at issuer banks.

Checks were commonly used in the country up until the 1980s, but are now much less popular. Danes now use the national Dankort debit card or smartphone payment systems like MobilePay.

“They had their time, but it’s over now,” Ann Lehmann Erichsen, a consumer economist at Nordea, told news agency Ritzau.

According to Erichsen, there are no reasons to regret the decision.

“There are much better, faster and safer alternatives and that’s why there is pretty much no one who uses checks today,” she said.

“It takes several days to process checks, while one can electronically transfer large amounts in just seconds today,” Erichsen added.

The Rest…HERE

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