According to the official site of Sweden, the residents of the Scandinavian region are proud to be headed toward earning the title of The First Cashless Society. Sweden.se stated that over 80% of all transactions were completed digitally as of August 2016. Cash is rarely used by any resident and a majority of goods and services that are routinely purchased no longer accept cash at all.
The Swedish Trade Federation Explains it by pointing out the fact that Swedes mainly use debit cards or popular payment apps like Swish. The upcoming launch of the payment platform UTRUST could be a great addition for the people of Sweden, simply because UTRUST combines the best parts of digital payments and cryptocurrencies, which would bring more options to the digitally inclined Swedes.
Though a majority of residents of Sweden trust digital payments above traditional cash, it is not a unanimous adoration for the cash-free lifestyle.
“Some of the older, less tech-savvy generations are not thrilled with the move to a cash-free society. However, as technology becomes a bigger part of everyday life for the older generation, Sweden’s move to a cashless society will only pick up in speed. Cash is already scarce, and the card will become even more king.” Text from Sweden – the first cashless society?.
Reports say it is not unusual to see prominent signs at retailers and cafes with catchy slogans such as “We accept you for who you are, but we do not accept cash.”
There are examples of bus fares, carnival games, and even snack bars all refusing cash, and opting for the shinier and more convenient debit cards or QR code scanner payment choices.
Sweden is a perfect example of a crypto-ready society since they have almost no cash left, the transition from cash to crypto could be a smooth upgrade without much resistance. As one of the most technologically enabled regions of the European Union, Sweden is well poised to be a cryptocurrency haven.
In a recent report, statistics from Sweden’s central bank showed astonishing reductions in the amount of circulating cash and coins from just 3 years ago. Then decline of cold, hard cash leaves less than 20 percent of total consumer purchases as cash transactions. In this short video, the Central bank predicts by 2020 almost all cash will be gone, and in its place will be the consumer’s digital accounts with electronic apps and a shiny card to swipe.
The goal to become the first truly cashless society is clearly shared and boldly confessed to on published work by the government representatives, in plain sight on their main website, which is presented to the world as the representative face of the Scandinavian treasure called.
It is also worth noting, however, that when cash disappears, crypto will be the only true anonymous payment method left, further reducing the financial privacy of the citizens. However, cryptocurrencies like Zcash and Monero may prove to be a viable alternative to cash payments.