Sweden may be first country to eliminate cash

first_imgThe use of cash in developed countries is diminishing as we have turned to other, more convenient methods of paying for goods. This move away from physical notes and coins started with the introduction of credit cards, but now extends to Internet banking, using smartphones as a payment terminal, and technology such as NFC.Now Sweden, historically one of the quickest populations to embrace new technology, may become the first country to completely eliminate cash from its economy. In fact, they’ve almost managed it with only 3 percent of transactions happening using cash in Sweden today.If more evidence were needed that Sweden will become a cashless society, look no further than its banks. Next month Danske Bank is set to eliminate cash completely purely because it is what consumers want. The steady decline of transactions using cash has seen the banking sector adjust, and ultimately that means an end to cash withdrawals either through an ATM or bank teller.Cash is still used in Sweden, but only for small item purchases. Such transactions are also seeing cash replaced by systems like Barclay’s PayTag, which allows for contactless, cash-free small transactions to occur without even needing to input a passcode. One swipe of your tag and you’re done.One segment of the Swedish population does remain a concern, though. The elderly (65+), who spent most of their lives limited to using just cash, still choose to rely upon it. If cash disappeared it would cause problems for them, although admittedly that’s a short term problem to overcome.Read more at Aljazeeralast_img