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In The News

In The News

October 12 - Sweden is close to becoming a cashless society

Article: Technology For A Global Monetary System

Four out of five purchases in Sweden are made electronically or by debit card. With the development of cheaper technology, the country is moving towards a cash free society, according to a new report. "Sweden and the rest of Scandinavia leads the world in terms of cashless trading," said Bengt Nilervall at the Swedish Federation of Trade (Svensk Handel).

Swedes use their debit and credit cards almost every day - an average of 260 transactions per person per year.

Arvidsson argued that Sweden could become completely cash free but predicts that this development is unlikely until at least 2030. "The familiarity of cash in the hand could prevent this. A recent Sifo survey showed that 2/3 people consider (the availability of) cash to be a human right," he said.

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