This Christmas, Icelanders Pay with Cash Skip to content

This Christmas, Icelanders Pay with Cash

The usage of credit cards in Iceland has dropped and it is more common now than last year that Christmas shoppers pay with cash. After the Icelandic bank system collapsed, the value of banknotes circulating increased by almost ISK 13 billion (USD 107 million, EUR 76,000).

From Laugavegur shopping street in Reykjavík. Copyright: Icelandic Photo Agency.

Merchants say that shopping is going better than they had hoped for and, according to Morgunbladid, the high number of shoppers last weekend supports such statements.

“Many were pessimistic and believed Christmas shopping would be bleak,” said Andrés Magnússon, managing director of the Federation of Trade and Services (FVTh). “It has, however, exceeded our hopes.”

“This Christmas, everyone is doing their shopping in Iceland,” Magnússon added. “Now people aren’t going abroad to shop.”

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