Sweden, a country in Europe, has become the world’s first fully cashless nation. Here, people of all ages, from children to the elderly, make payments using apps. Seniors have even been trained to make payments through apps. This same country was the first in Europe to issue paper currency, but now less than 1% of transactions are made in cash. Everything else is done through digital means like mobile apps, debit cards, or contactless payments.
How Sweden Became Cashless
In 2010, about 40% of payments in Sweden were made in cash, but by 2023, this has fallen to less than 1%. This means that over the past decade, the country has almost completely adopted a digital payment system.
Swish App Becomes Popular
In 2012, Sweden’s major banks launched a mobile payment app called Swish. Today, it has over 8 million users, which is more than 75% of the country’s population. People use it for everything from splitting bills to paying street vendors.
Changes in the Banking System
Now, over 50% of Swedish bank branches no longer handle payments. ATMs are rapidly disappearing, and “No Cash Accepted” signs have become common in shops.
Easy for Seniors Too
Digital services have reached people of all ages. In fact, 95% of people aged 65 and above use debit cards. The government has run digital literacy programs to help the elderly transition to this change.
Digital Currency e-Krona
Sweden’s central bank, Riksbank, is now working on a digital currency called e-Krona, aimed at making the economy even safer and more modern in the future.
Other Countries’ Status
After Sweden, countries like Norway, Finland, and South Korea are also rapidly becoming cashless, where payment transactions have dropped to less than 5%.
