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InternationalGoing cashless

March 1, 2016

Paying with cash is common in most countries. But cards and phone apps are rapidly replacing the krona in Sweden. It will soon be the first cashless country in the world.

Swedes are giving up cash for two reasons. First, they can safely make electronic payments for anything online. Back in 2003, Swedish banks worked together to create BankID. Now every citizen can get a unique electronic identification number. This allows citizens to securely logon to the internet to shop, pay taxes, or conduct many other kinds of business.

Secondly, Swish came in 2012. Swedes love Swish. It is a mobile banking system. It is easy and convenient to use. Swish immediately moves money from one bank account to another with a mobile number. And there is no minimum amount to spend.

For example, you owe your friend some money. You can type in the payment amount and your friend’s mobile number. In ten seconds, the payment is securely made.

By the end of 2015, Swedes were paying for 80% of their purchases electronically, and now several big Swedish banks have stopped accepting cash. Bank branches and teller machines are closing.

The future is Swish not cash in Sweden.


Published March 2016

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