Sweden could stop using cash by 2023

weforum

Sweden is moving away from cash in favor of cards and mobile payment apps. According to a new study, the nation is on track to leave cash behind completely by 2023, though retailers expect to still accept cash for a couple more years after that.

Is cash dead?

Have you noticed that, over the years, you’ve begun to use your cards or mobile pay apps much more frequently than cash? You’re not alone in this, and this trend has been on the rise in other countries around the world. In China, for example, cash is quickly on its way out, with mobile payments doubling in the last year. Sweden has also been forgoing cash an at increasing rate over the last several years, and experts predict that it’s only a short matter of time before the country is entirely cashless.

In fact, Sweden may be completely digital in just a few years, if researchers Niklas Arvidsson of KTH and Jonas Hedman of Copenhagen School of Economics are to be believed. The pair estimate that cash will no longer be used or accepted by Swedish retailers by 2023, at the earliest…

Read more : Weforum, 11.10.2017