Cash has almost gone extinct in Sweden
Half of all Swedish retailers predict that they’ll have stopped accepting cash payments by 2025, and half of the country’s bank branches have already stopped accepting cash deposits. Coins and notes make up just 1% of Sweden’s economy, compared to 8% in the US and 10% in Europe. Paying with a card or phone or just buying things online gained popularity due to its convenience; however, it is now at the point where cash is so rare in Sweden it is costly for shops to support it. Considering one in ten Swedes admit to not being comfortable using digital payment systems, the government has been listening to the complaints closely. Over the last few years, the government has changed its tune from supporting the move away from cash to requesting that the major banks and retailers keep supporting it. Sweden’s central bank, the Riksbank, wants all the banks to continue supporting cash as much as possible.
- Techspot -