Payment system faces complex threats, Norges Bank urges action
Norges Bank has published its Financial Infrastructure Report 2026, warning that Norway's payment system faces a more severe and complex threat landscape. Deputy Governor Pål Longva emphasized the need for systematic work to mitigate vulnerabilities and strengthen resilience.
Preparing for a complex threat landscape
Norway's payment system is efficient and secure, but faces increased geopolitical tension and rapid technological advances, particularly in artificial intelligence, according to Deputy Governor Pål Longva.
He stressed the need for systematic work to mitigate vulnerabilities and ensure sufficient resilience.
Authorities and the financial sector are collaborating on measures to strengthen preparedness for severe incidents.
Longva highlighted that the follow-up of these proposed measures is well under way, and their prioritisation is crucial for enhancing contingency arrangements.
He also noted that a resilient payment system requires sound alternatives in infrastructure, banks, and among users if one solution fails.
While digital solutions ensure security, cash retains an important role for contingency preparedness and for those unable or unwilling to pay digitally.
This dual approach ensures broad accessibility and robustness in times of crisis, balancing modern efficiency with traditional safeguards.
Stablecoins and cash in focus
Norges Bank's annual Financial Infrastructure Report 2026 discusses developments, vulnerabilities, and risks within the financial infrastructure, aiming to promote financial stability and an efficient, secure system.
The report's analyses indicate that stablecoins are seeing increased use in niche payment applications, though their role in normal payments remains limited.
While regulation could make stablecoins more attractive, it would not ensure they possess all the characteristics of general-purpose means of payment.
The companion publication, Retail Payment Services 2025, provides annual statistics on electronic payment usage and cash withdrawals, alongside survey data on household cash use.
This publication contributes to public debate on payment methods and their evolution, reflecting Norges Bank's broader commitment to a robust payment ecosystem.
Digital efficiency, analog resilience
Norges Bank's report highlights a crucial paradox: digital payment efficiency must balance with analog resilience, especially cash, in turbulent times.
The repeated call for 'systematic work' suggests current preparedness is more aspirational than actual, demanding urgent implementation.
While stablecoins offer niche utility, they cannot replace the foundational security of traditional payment methods.