• Thursday, Dec 03, 2020
  • Last Update : 01:37 am

Survey: Swedes abandon cash with pandemic spurring digital shift

  • Published at 05:06 pm October 29th, 2020
Credit Swiss
Switzerland's national flag flies below a logo of Swiss bank Credit Suisse at its headquarters at the Paradeplatz square in Zurich REUTERS

Cash use has been declining for years in Sweden and the central bank has forecast that it could virtually disappear within a decade or two

Swedes have almost abandoned cash as a means of payment with only 9% having used notes or coins for their most recent purchase and instead relying on cards and digital payments, a survey by the central bank showed on Thursday.

Cash use has been declining for years in Sweden and the central bank has forecast that it could virtually disappear within a decade or two.

"Cash usage is at the lowest level ever," the Riksbank said in a statement. "To prepare for a future in which fewer and fewer people pay in cash, the Riksbank is investigating the possibility of issuing digital cash - the so-called e-krona."

The survey showed Swedes relying more and more on electronic payments, including debit cards and Swish - a popular local mobile payments system.

More than 90% of Swedes had used a debit card to make a purchase in the last 30 days, according to the survey, with 75% having used Swish. Only 50% had used cash.

The coronavirus pandemic, which has meant many people working from home and not visiting shops, has speeded up the trend, the central bank said.

"Even elderly people have started to use Swish more during the pandemic," it said.

But the disappearance of cash has raised concerns about what would happen if electronic payments systems broke down.

While cash can be relatively easily counterfeited and laundered, it retains important advantages over digital money. For example, it does not rely on electricity or on a complex infrastructure and the Riksbank has said it must remain as a back up.

"It is the Riksbank's opinion that those who want to use cash should be able to continue to do so," the central bank said. "It is also necessary that payments in Sweden can continue to function in times of crisis and heightened alert."

54
52
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail