Live in Sweden Save Your Cash and Coin
For years, we have commented on the Swedish government and the Riksbank pushing for a “cashless society.” The Riksbank has over 1,000 articles posted on its website on the “cashless society“. The emphasis worked: between 2013 and 2017, the amount of cash in circulation dropped by 35%, earning Sweden a reputation as the world’s “most cashless nation”: Figures from the Royal Institute of Technology in Stockholm show that only 18% of all payments made today in Sweden are in cash – a 15% drop from the previous year. Meanwhile, figures from the Swedish Trade Federation show that most Swedish retailers say that 80% of their commerce is from card payments. A number that probably will be 90% by 2020. Such is the appetite for digital commerce in Sweden that many predicted it could become the world’s first cashless society.