Reuters The deputy governor of the Norwegian central bank believes that the country is effectively cashless. Use of physical money is incredibly rare in the Scandinavian nation, with fewer than 10% of transactions including cash. Cashlessness is on the rise globally, with almost 40% of Brits saying they can see themselves ditching the use of cash altogether in the future. LONDON — Norway has effectively become the world's first cashless society, according to one of the country's most senior economic policymakers. Speaking during the City Week conference at London's Guildhall, Jon Nicolaisen, the deputy governor of Norway's central bank, argued that the level of transactions using cash in the Scandinavian country is now so low that it can be considered cashless.See the rest of the story at Business InsiderNOW WATCH: Investors need to lower their expectationsSee Also:You can tell someone's lying to you by watching their face — here are 12 dead giveawaysAn Australian defense official reportedly confirmed China's desire for increased military presence in the South Pacific'Money talks': A $1.2 trillion fund manager is about to pull investment from companies that won't act on climate changeSEE ALSO: EXCLUSIVE: More than one in 3 Brits are ready to stop using cash