From buying trash to paying for repairing things, for such many ingenious policies, Sweden comes first in people’s mind whenever we think of an ideal, peaceful, and clean country. Likewise, the tech-savvy nation is one of the most front-runners in terms of mobile payment. But, is there anything wrong with Sweden’s cashless society?
Mobile payments and digital payments
Mobile payments and digital payments go skyrocketed in Sweden. The Scandinavian country always embraces new technology in their lifestyle. Consequently, not accepting cash became the new normal in Country. Groceries, clothing stores, restaurant, museum, even homeless hawkers barely accept cash anymore. The phenomenon began noticeably since 2012.
But, for Sweden, there is a problem with this acclaimed cashless-society-move. The whole thing happened so fast that Swedish authorities became worried about the idea.
Sweden’s central bank, Sveriges Riksbank taking a special check-up about the matter.
In a report, Bloomberg quoted Swedish economist Mats Dillen, the head of parliamentary review. He said, “If this development with cash disappearing happens too fast, it can be difficult to maintain the infrastructures” for handling cash. Dillen didn’t clarify the idea in detail. So, we failed to learn about the type of the prospective proposal.
From WEF we know that Sweden, one of the most advanced countries in the world in terms of becoming a cashless society. As a matter of fact, already most of the banking organization stop transacting cash. Moreover, plastic money and mobile payments dominating in the country. Using cash almost became archaic.