Nearly Half of Denmark’s Population Can Access Mobile Payments

Forward-thinking Scandinavian countries are leading the way yet again—this time with access to mobile payments.

Thanks to a partnership with Powa Technologies, Denmark’s largest bank, Danske Bank, is allowing Danish consumers instant mobile payments by using a proprietary app, MobilePay, to interact with QR codes and NFC tags that can be connected to billboards, kiosks, or products.

MobilePay head Mark Wraa-Hansen believes the service will attract a lot of interest in his native land. “The Danish people are incredibly switched on to the huge potential of mobile payments, as demonstrated by the fact that two out of three smart phone users now use our solution,” said Wraa-Hansen in a statement.

While a new frictionless mPayment product is great news for the industry, the bigger story here is the breadth of the bank’s market. As the largest bank in the country, Danske Bank has access to the majority of the country’s consumers, helping MobilePay attract over 2.2 million users. That means nearly half of Denmark already has access to mPayments right now—and according to the bank, two-thirds of smartphone users are actually using the app.

This isn’t too surprising, since Denmark is trying to get its citizens to stop using cash.

According to Reuters, the country’s Finance Ministry wants to let businesses opt out of cash transactions altogether. Denmark Finance Minister Bjarne Corydon said cash involves “considerable administrative and financial burdens,” so the shift away from paper money makes economic sense, while also making life more convenient for Danes.

Will Denmark be the first country in the world to eschew cash entirely? If so, Danske Bank and Powa Technologies will be the first in line to benefit from the transition.