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Consumer agency urges continued use of cash

Finland's Consumer Agency is urging businesses to show restraint in plans to stop accepting cash. Fewer cash transactions are taking place for the purchase of goods and services, but the EU Commission recommends that businesses accept cash from customers.

Image: Yle

The chairman of the Consumer Agency's consumer rights group, Anja Peltonen, noted in comments to YLE that not all businesses in Finland accept cash today. The law does not require that cash be accepted in payment, but the EU Commission has recommended that cash be retained as a means of payment.

"We do not back businesses giving up cash because for many people it is the only method of payment. Shopkeepers should make notice at the door that cash is not accepted in payment, but still be prepared that people will come in wanting to pay in cash," says Peltonen.

But she says she understands the desire of some businesses to stop handling cash.

"Not all can keep change on hand and keeping petty cash on hand for some is a security risk," she points out. "A more moderate method would be to limit cash payments, for example on buses or in small kiosks that can't accept large denomination notes."

The EU Commission recommends that businesses retain the possibility for customers to use cash, alongside cards and invoicing. The Commission plans to review the issue again within the next few years.

Sources: YLE

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