Sweden is on its way to becoming the first cashless society on Earth
There’s a conspicuous lack of cash on Sweden’s streets.
So ubiquitous are digital payments in the country that attempting a paper money transaction at a Swedish bank might provoke a suspicious stare or a report to the police. That’s according to Niklas Arvidsson, a professor at Stockholm’s KTH Royal Institute of Technology.
Arvidsson, who specialises in industrial economics and management, found in a recent study that Sweden is on its way to becoming the world’s first cash-free society. He attributed the disappearance of Swedish banknotes to the country’s embrace of new technologies, the growth of mobile payment systems, and a governmental crackdown on corruption, which helps citizens feel safe about electronic money.
“Our use of cash is small, and it’s disappearing rapidly,” Arvidsson says. Circulation figures from the Riksbank, Sweden’s central bank, back up his assertion.
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