Sweden bracing itself for non-cash future
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Sweden is speeding up the evaluation of central bank legislation as fewer businesses are accepting cashMoney in physical form such as banknotes and coins. More payments. An interim report should be out by this summer. Some topics could cover the issuance of an e-krona, the role of the central bank as cash usage declines and the necessity – or not – of forcing commercial banks to provide cash to customers.
The speed at which cash is disappearing is what is most alarming Swedish authorities who are fearing a collapse of the entire cash infrastructure. Indeed, it is increasingly common to see “No cash accepted” signs across the country, slamming the door to those that don’t use alternative paymentA transfer of funds which discharges an obligation on the part of a payer vis-à-vis a payee. More methods.
In only four years, cash payments dropped from 63% to 25%, an Insight Intelligence survey [in Swedish] found; and last year, for the first time, cash in circulation dropped below the 1990s mark.
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