Today I am highlighting a ZH piece that tackles a country quite familiar in the war on cash...Sweden. Apparently Sweden is on track to be cashless within five years. Below are the highlights from the article with a couple of links embedded. Enjoy!
“Last year Sweden introduced a series of new banknotes replacing its old kronor notes. But figures suggest these too could be gone from circulation in half a decade if the development towards a cashless society continues,” The Local reports,” continuing that “cash transactions today represent no more than two percent of the value of all payments made in Sweden, [and that estimate] will drop to below 0.5 percent within the next five years.
Some welcome the trend - credit card providers, for instances - others have reservations. “It is happening at a furious rate. And it's important to many older people to be able to use cash. I mean, today it is legal tender and you have to be able to use it until parliament decides otherwise,” Christina Tallberg, chairwoman of Swedish pensioners' organization PRO, told Swedish Radio on Friday.
Well, until parliament or perhaps more appropriately, until The Riksbank and Stefan Ingves decides it. Because at -0.55, it’s a “how much lower can you go type scenario.”
Well, if you go kronor-less, that question ceases to make sense. The "problem" simply goes away.
“Sometimes you have to learn new things. It's a little awkward for a transitional period, but I think it's going to be so simple that you pretty soon realize that this is a lot easier and better than having cash,” said working environment ombudsman Krister Colde of the Commercial Employees' Union (Handels).
Famous last words Krister.