Swedish Government Evaluates Implications of Cashless Future

29 de Noviembre, 2018

Tiempo estimado de lectura: 2 minutos

As Sweden rapidly moves away from cash, the government is reconsidering the implications a cashless society might have on elderly or younger citizens, people with disabilities, or anyone who can’t access electronic methods of payments.

It’s also reviewing the possibility of hackers, power outages, and even the potential impact of having no cash during a war. This follows similar reviews conducted earlier this year about the implications of a cashless future and ongoing tests by the central bank about the need for a national electronic currency, or an “e-krona.”

Sweden is the most cashless country in the world, with consumers rapidly abandoning cash in favor of other payment methods, predominately cards. For the most part, cash doesn’t play a significant role in the lives of Swedish consumers on a regular basis — the country has the lowest number of ATM withdrawals as a percentage of gross domestic product (GDP) in the world. Further, many restaurants, stores, and even bank branches no longer handle cash, which has accelerated cash’s decline: Only 2% of the total value of transactions in Sweden consist of cash, which is expected to decline to less than half a percent by 2020. Sweden’s shift away from cash has been fueled by credit cards, rather than mobile wallets — which are still new to the country, as Apple Pay just launched there this year — leaving a lot of room for innovation in the space as cash usage continues to decline. It’s unclear if the country will be able to support a completely cashless economy, but there will need to be ample offerings to supplant cash if the decline does continue.

Fuente: Business Insider

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