Central Banking

Charge for payment services, says Norway's Gjedrem

Offering payment services for free is not in bank customers' best interests, Svein Gjedrem, the governor of the Bank of Norway, warned.

"Ensuring safe and efficient payment transactions requires considerable investment. A reduction in earnings may reduce banks' capacity and willingness to invest in improved infrastructure," Gjedrem said. "Furthermore, without cost coverage, payment services will have to be financed by earnings from other services. This sends the wrong signal to customers and may

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