Financial experts from the Bank of Finland feel banknotes could be phased out by 2030. Technological advancements surrounding mobile payments and the need for convenient banking services are largely responsible for this situation, they feel. According to a senior advisor at the bank’s currency department, many see cash as a backup system and it is quick and convenient to use. In future, it will have to be seen how quickly mobile payment methods replace cash, he added. Issues like manging large bundles of currency notes, space required to store them safely, accountability issues, the cost involved in printing new notes have all led to countries like Finland to allow the use of euro for electronic transactions. The central bank takes a very practical and mildly conservative stand on alternative payment options. The financial institution does not favor digital payments over cash and vice versa.
