Farewell to Paper Currency
Sweden paved the way by adopting cash in 1661 and is now on the cusp of becoming the first cashless nation by 2023. According to the Swedish Central Bank, 80% of Swedes use cards, with 58% of transactions being non-cash and cash accounting for just 6%.
Mobile apps designed specifically for a cashless lifestyle, such as iZettle, are immensely popular among Swedes. Banks issue cards to children aged seven and above (with parental consent), allowing the next generation to participate in the cashless evolution actively. Additionally, banks no longer provide cash directly; individuals must visit ATMs to deposit or withdraw funds.
