Sweden is to Be the World’s first Cashless Nation

World’s first Cashless Nation – Economists have been deliberating about ‘cashless societies’ – where all transactions are performed digitally. Analysts observe that only Sweden is getting close to that and no other country in the world has yet made that a reality.

A study published by the Industrial technologists at Stockholm’s KTH Royal Institute of Technology shows how fast cash is disappearing in Sweden.  The author of the study, Niklas Arvidsson says that

“Our use of cash is small, and it’s decreasing rapidly”

Arvidsson’s team deliberated that about 80 billion Swedish crowns (about €8 bn) are in flow in the country’s wallets and cash registers – down from 106 billion just six years beforehand. “And out of that amount, only somewhere between 40% and 60% is actually in regular in flow,” he says.

Report has it that , it’s impossible to find a shop in the streets of Sweden’s second city, Gothenburg,  that doesn’t accept bank cards for payment, and most locals tend to carry no coins or notes on their person.

Meanwhile, many people also make use of an app called Swish, collaboration between Swedish and Danish banks that permits fast, simple money transfers on smartphones.

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