In these days of demonetization in India, it is CASH that is on everyone’s mind!
But there one country in the world, where people are least bothered about cash.
You will be surprised to know a few facts about a small country in Europe.
And the country is Sweden, which is almost cashless society! Yes! Cashless!!
There are many banks that do not dispense cash. An astonishing number of banks, close to 900 of Sweden’s 1,600 bank branches do not keep cash nor take cash deposits. The preferred mode of payment is card or phone payments, including the street vendors to the churches!
Cards are the preferred mode of payment along with the new mobile phone apps that have online payment options. The popular app developed Nordea, Handelsbanken, SEB, Danske Bank and Swedbank is Swish, with which anyone with a smartphone can do money transfers, real-time.
So, there is literally very less number of cash transactions happening in Sweden.
The country got a head start in the early 1960s when employers and workers were persuaded by the banks to use digital transfers. And then the card era came into being in the 1990s with the debit cards and credit cards.
Going towards a cashless society is sometimes unbelievable. Especially when, according to a recent study by MasterCard, cash accounts for almost 85% of the global consumer transactions.
But apart from Sweden, there are many countries in the world that are moving towards a cashless society. Some of the countries include The Netherlands, Germany, Australia, Belgium, Canada etc.
But despite all the progress and development towards digital transfers, there is still a concern for the digital safety and security, especially in cases of electronic fraud.
Whether Sweden will be 100% cash free is a matter to be seen, as it requires a political decision.