Nyberg: Time to change cash to cards?
Deputy Governor Lars Nyberg
Nordic Card Markets, Stockholm
The Riksbank's responsibility for the payment system includes having the sole right to issue banknotes and coins. This may seem self-evident today, but it has not always been the case. Up until the early 1900s, private banks were entitled to issue notes under the supervision of the Riksbank. The view of what the Riksbank should do and what private market players are expected to be responsible for has thus developed over time. Up until only a few years ago, the Riksbank was also responsible for the storage and, partly, the distribution of notes and coins throughout the country. This phase has now been taken over by the banks in line with the model in other countries and the Riksbank is only responsible for the wholesale phase.
Developments in the field of payments can be viewed in a similar way. As long as payments are made using banknotes and coins, it is the Riksbank that guarantees the credibility of the means of payment. However, as an increasing number of payments are made using cards, this role is increasingly becoming the responsibility of the banks and card companies. This speech describes the Riksbank's view of the development of safe and efficient payments, what we are doing in our area of responsibility and what we hope various private players will do.
Read the whole speech in the PDF file below.
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