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- Sweden is rapidly transitioning to a cashless society, with card and mobile payments increasingly dominating transactions.
- While some Swedes believe it's important to have cash on hand, notably for emergencies where digital payment systems might fail, alternatives exist, according to SEB, a major Swedish...
- Card and mobile payments, including the popular Swedish service Swish, now handle the vast majority of financial transactions.
Sweden Moves Towards a Cashless Society
Table of Contents
Sweden is rapidly transitioning to a cashless society, with card and mobile payments increasingly dominating transactions.
Decline of Cash Usage
While some Swedes believe it’s important to have cash on hand, notably for emergencies where digital payment systems might fail, alternatives exist, according to SEB, a major Swedish financial institution. The use of physical currency is steadily decreasing in everyday life.
Dominance of Digital Payments
Card and mobile payments, including the popular Swedish service Swish, now handle the vast majority of financial transactions. According to a report by the Riksbank,Sweden’s central bank,cash accounted for only 1% of all transactions in 2023. Payment Report 2023
SEB’s Viewpoint on Emergency Preparedness
SEB suggests that individuals concerned about system failures can utilize alternative solutions beyond holding physical cash. These include ensuring access to backup power for digital devices and maintaining sufficient funds in readily accessible bank accounts. On December 15, 2023, SEB published an article outlining these strategies. How to prepare for a digital shutdown
Ancient context
The decline in cash usage has been ongoing for years. In 2010, cash transactions accounted for approximately 40% of all payments in Sweden. By 2018, this figure had fallen to around 13%. Reuters: Sweden races to preserve cash as society goes cashless