Sweden was the first European country to introduce bank notes, and it could soon be the first in the world to go cash free .
The Scandinavian nation developed its first bank notes in 1661, yet the increasing popularity of digital transactions means the humble Swedish banknote could be gone in our lifetimes. Indeed, notes and coins are already unpopular with Swedes – hard cash represents only three per cent of Sweden’s economy, compared to an average of nine per cent in the eurozone, and seven per cent in the U.S.
In the high-tech nation, a growing number of businesses no longer accept cash, while public buses stopped accepting hard currency in 2010 – bus tickets are now prepaid or purchased with a text message.
Bjoern Ulvaeus, former member of 1970s pop group ABBA (and, er, suddenly an economics expert apparently), is a vocal supporter of a cash free world, and told the Swedish newswire:
“I can’t see why we should be printing bank notes at all anymore.”
Yet many argue the country is not quite ready for such a drastic switch. Curt Persson, chairman of Sweden’s National Pensioners’ Organization, argues that the elderly and those who reside in rural areas would struggle in such a world:
“There are towns where it isn’t at all possible anymore to enter a bank and use cash.”
Even some churches, long regarded as bastions of traditional values, are caving: the Carl Gustaf Church in Karlshamn, southern Sweden, has installed a card reader for worshippers to make offerings. The church still accepts cash, however. As vicar Johan Tyrberg says:
“People came up to me several times and said they didn’t have cash, but would still like to donate money.”
What do you think of a cash free society? While obvious benefits might include greater security and convenience, could such systems result in increased state or corporate surveillance of how we spend our money? Is that worth the perks of a cashless society?
