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Showing posts with the label cashless society

Sweden 'fast becoming world’s first cashless society’

There is less than 80 billion Swedish crowns currently in circulation (around £6 billion) Sweden is fast becoming the world’s first cashless society due to the growing use of a new mobile payment system. According to a new study from Stockholm’s KTH Royal Institute of Technology, there is currently less than 80 billion Swedish crowns in circulation (around £6 billion), which is a sharp decline from the six years ago, when there was SEK106 billion in circulation. Niklas Arvidsson, an industrial and management researcher at the institution and the author of the study, said that while cash is an important means of payment in other countries, but that Sweden’s use of cash is small, “and it is decreasing rapidly”. The move towards a cashless society has come from the prevalent use of a mobile payment system called Swish, which is a direct payment app that is used for transactions between individuals in real-time. The app was created through the collaboration of Bankgiro an