Friday 30 October 2020

Cash is still king, finance minister says, as retailers call for pin-only payments

No cash here. Photo: DutchNews.nl

Finance minister Wopke Hoekstra has told MPs he is monitoring the increase in the number of shops which do not accept cash money.

Hoekstra said in answer to MPs questions that consumers should be able to choose how to pay for goods and that he wants to establish if extra measures are necessary to guarantee that choice. Some retailers have been asking customers to switch to debit cards and contact-free payments to reduce the risk of spreading coronavirus.

The Dutch central bank is currently looking into the impact of coronavirus on cash transactions, and the results will be published in November, Hoekstra said.

Research carried out by the central bank prior to the coronavirus crisis shows that 97% of shops still accept cash.

In Amsterdam, however, 7% of shops are pin only, as are 11% of bars, cafes and restaurants. The city’s public transport system is also cash free.

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