Sweden will become the world cashless society

Sweden could be set to become the world’s first cashless society over the next few years. At this time they use less physical money than any other country. Between 2009 and 2014 the total value of the banknotes and coins in circulation in Sweden dropped from 11.3 billion euros to 8.5 billion euros according to Swedish Central Bank data. Specialists expect the cash to be eliminated in a decade or even earlier. The public reaction is to sustain a such measure in majority.

Many advantages are considered. One of the most important is that having no cash in the tills reduces their risks of being robbed for shops owners as for the individuals at the same time. Payments made by credit cards and mobile phone apps have been rising sharply. “Previously, I had always said that around the year 2030 Sweden will, in effect, become cashless, meaning that cash will cease to play any real role in society. But when I look at the developments over the last two years, I actually now think that it will happen faster than that,” technology expert Niklas Arvidsson, an Associate Professor at the Royal Institute of Technology in Stockholm, said to the media. Some people and especially the old generation remain conservative and will regret the payment with cash.