• Sweden's news in English
 
app_header_v3
Swedes predict 'death' of cash in five years
Swedes are using less cash. Photo: Jessica Gow/TT

Swedes predict 'death' of cash in five years

TT/The Local · 4 Mar 2016, 07:25

Published: 04 Mar 2016 07:25 GMT+01:00

Last year Sweden introduced a series of new banknotes replacing its old kronor notes. But figures suggest these too could be gone from circulation in half a decade if the development towards a cashless society continues.

The Nordic country has already earned a global reputation for its cash-free culture. Cash transactions today represent no more than two percent of the value of all payments made in Sweden, according to the central bank (Riksbanken).

And a report by Swedish Radio on Friday estimates that the figure will drop to below 0.5 percent within the next five years – a trend welcomed by the majority of retailers, banks and card companies.

“Sometimes you have to learn new things. It's a little awkward for a transitional period, but I think it's going to be so simple that you pretty soon realize that this is a lot easier and better than having cash,” said working environment ombudsman Krister Colde of the Commercial Employees' Union (Handels).

However, Riksbanken's experts believe the trend may not be moving as fast as it seems.

"About 20 percent of all payments over the counter are still made in cash. (...) We think that cash will stick around until the 2030s," press spokesman Fredrik Wange told the TT newswire.

Earlier this week a study by Visa suggested that Swedes use their debit cards three times as frequently as most Europeans, making an average of 207.1 payments per card in 2015, compared to France where the figure was 141.7.

The spread of debit cards has had a profound effect even on the street level with fruit and veg traders and even buskers and retailers of homeless magazines accepting cards or electronic payments using the popular Swedish smartphone app Swish.

Story continues below…

However it comes amid ongoing campaigns highlighting concerns about the move towards a near-cashless society.

Critics lay into banks for closing rural cash machines or refusing to handle cash at certain branches, while some stores and events are also legally banning any non-card payments.

“It is happening at a furious rate. And it's important to many older people to be able to use cash. I mean, today it is legal tender and you have to be able to use it until parliament decides otherwise,” Christina Tallberg, chairwoman of Swedish pensioners' organization PRO, told Swedish Radio on Friday.

For more news from Sweden, join us on Facebook and Twitter.

TT/The Local (news@thelocal.se)

Today's headlines
Opinion
Sweden bad, Norway good, Trump better? I'm confused
Photo: Jon Olav Nesvold/NTB scanpix/TT & Kristin Streff/AP/TT

Sweden is neither a socialist paradise nor an internationalist hell. The truth, argues The Local's reporter Lee Roden, lies somewhere in the middle.

Sweden loses fastest internet crown
Good luck untangling those. Photo: Magnus Hjalmarson Neideman /SvD /TT

Worse still, the new European king is Norway.

Where to see the Northern Lights in Sweden tonight
The Northern Lights pictured in Sweden on Wednesday night. Photo: Norrsken Sverige

An unusually high level of solar activity means the spectacle could be visible from rare spots in the country.

The Local List
These are the brands Swedes love the most
What brands do the Swedes love the most? Photo: Per Groth/Magnus Hjalmarson Neideman/SvD/Pontus Lundahl/TT

Revealed: Swedes' top-20 favourite brands.

Spotify launches new karaoke style streaming in Japan
Can karaoke help Spotify to crack Japan? Photo: DocChewbacca/Flickr creative commons

The Swedish streaming giant has taken inspiration from Japan's love of karaoke with its launch in the country.

US rappers' gig ends in 'bloodbath' in Stockholm
US rapper Ghostface Killah. Photo: Scott Roth/Invision/AP

A man ran onto the stage during a concert by US rappers Ghostface Killah and Killah Priest in Stockholm.

Border checks
Could Sweden's border controls soon be lifted?
The border control at the Swedish side of the Öresund Bridge to Denmark. Photo: Emil Langvad/TT

The EU-approved six-month extension of controls in the south of the country will soon come to an end.

'Homemade bomb' on bus in Sweden was bike helmet
File photo of a Swedish police officer. Photo: Maja Suslin/TT

A bicycle helmet sparked a bomb scare on a bus in Uppsala.

What's on in Sweden
Four don't-miss festivals in Sweden this week
Stockholm Beer and Whisky Festival. Photo: Stockholm Öl & Vin AB

Arab cinema, Gay Pride, out-of-the-box art, whisky and craft beer – what more could a person in Sweden possibly need?

Sweden advised to bring conscription back in 2018
Bringing back the draft could help a stretched military, a government inquiry says. Photo: Fredrik Sandberg/TT

Young men and women could be made to fill in questionnaires for recruitment to the Armed Forces as early as next year, according to a new proposal.

Sponsored Article
Expat finances in Sweden: the Common Reporting Standard
Gallery
People-watching: September 28th
Sponsored Article
Let's Talk: a personal Swedish language tutor in your pocket
National
Aliens' sex lives? Why Swedes want Nasa to send a condom into space
Analysis & Opinion
'If Sweden really wants startups, drop the red tape on migration'
Blog updates

27 September

Cutting your nose …. (The Diplomatic Dispatch) »

"Last week, Jeremy Browne, the Special Representative for the City of London, visited Sweden. Jeremy was…" READ »

 

7 September

Svensk or svenska? (The Swedish Teacher) »

"Hejsan! My inbox is full of questions :-). Here’s one about when to use “svensk” and…" READ »

 
 
 
Sponsored Article
‘I view the world in a different way now’
Gallery
Property of the week: Gotland
Sponsored Article
Retiring abroad: ensuring your health is covered
National
Trump an 'embarrassment' Springsteen tells Sweden
Gallery
People-watching: September 23rd-25th
Politics
Russian Sweden Democrat aide resigns over suspect deal
Sponsored Article
'Creating a sense of home': Collective living in Stockholm
National
Muslim teacher leaves job after not shaking male colleague's hand
Sponsored Article
Life in Jordan: 'Undiscovered treasure'
Travel
Why we adore autumn in Sweden
Gallery
People-watching: September 21st
Sponsored Article
Gran Canaria: 'So much more than beaches'
National
Stockholmers hunt killer badger after attack on neighbourhood hipster cat
Sponsored Article
Why Jordan is the ‘Different’ East
The Local Voices
Why this Russian developer is committed to helping refugees - with tech
National
Six key points in Sweden's budget plan
Sponsored Article
How to vote absentee from abroad in the US elections
The Local Voices
How a Swedish name finally made recruiters notice this Iranian's CV
Sponsored Article
Why Jordan is the ‘Different’ East
Gallery
Property of the week: Luleå
Sponsored Article
Retiring abroad: ensuring your health is covered
Gallery
People-watching: September 16th-18th
Sponsored Article
'There was no future for me in Turkey'
Culture
Why Swedish TV has given these kids' trucks a sex swap
Sponsored Article
7 reasons you should join Sweden’s ’a-kassa’
National
TIMELINE: Everything you need to know about the Julian Assange case
Sponsored Article
‘Extremism can't be defeated on the battlefield alone’
Gallery
People-watching: September 14th
Politics
Why Sweden is putting troops on holiday dream island Gotland
The Local Voices
'What I mean when I say: I came here to blow myself up'
Society
VIDEO: Are Swedes that unfriendly?
Features
INTERVIEW: How Arthur the jungle dog opened hearts and minds
Gallery
Property of the week: Smögen, Västra Götaland
Society
Sweden's ancient forest tongue Elfdalian fights for survival
The Local Voices
'Whenever I apply for jobs I’m treated like an unwanted stranger'
The Local Voices
Is Swedish bosses' ignorance keeping refugees out of jobs?
3,006
jobs available