Sweden leads the race to become cashless society

Swedes are blazing a trail in Europe, with banks, buses, street vendors and even churches expecting plastic or virtual payment

In 1661, Stockholms Banco, the precursor to the Swedish central bank, issued Europe’s first banknotes, on thick watermarked paper bearing the bank’s seal and eight handwritten signatures.

Last year – as Britain did last week – Sweden launched a new series of notes, cheery affairs featuring 20th-century Swedish cultural giants such as Astrid Lindgren, the creator of Pippi Longstocking, Greta Garbo and filmmaker Ingmar Bergman. But like its Nordic neighbours Norway, Denmark and Finland, Sweden is fast becoming an almost entirely cashless society. Continue reading

Sweden close to being cashless society: report

Four out of five purchases in Sweden are paid electronically or by debit card and with the development of cheaper technology the trend is moving towards a fully cash free society, according to a new report.

“Sweden and the rest of Scandinavia leads the world in terms of cashless trading,” said Bengt Nilervall at the Swedish Federation of Trade (Svensk Handel).

Swedes use their debit and credit cards almost every day – an average of 260 transactions per person per year.

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