This Could Be The First Country In The World To Go Cashless

More and more countries are moving with quick steps towards a cashless economy. One of these countries is Sweeden who shifted almost entirely to nonphysical payments.

Sweden was the first European country to introduce banknotes in 1661, now Sweden could be the first country in the world to go cashless.

A new report shows that four out of five purchases in Sweden are paid by card and only about 3% of all transactions are carrying out in the form of cash. This practice could make corruption and robberies more difficult as all financial transactions will be traceable. According to the Swedish Bankers’ Association, in 2012 only five bank robberies were committed, the lowest figure in 30 years.

Another aspect that could end banknotes is that printing physical money is a wastefully expensive process. In fact, some coins are actually worth less than their cost of production. Meanwhile, two out of three Swedes consider that holding cash is a fundamental human right, and untill 2030 will not completely disappear from the Swedish system, said professor of industrial dynamics Niklas Arvidsson for The Local.