Wonder which country is going to become the world’s first cashless nation?
Cash may no longer be a part of this country. This country might soon stop printing notes. With no notes, no coins, people in this country would have one of the lightest pockets in the world. Soon, attempting a paper money transaction at a bank in this country might provoke a suspicious stare or a report to the police.
Wondering which country it is? If you want a clue: It is a part of Scandinavia and the country is so clean that it once even ran out of trash.
Well, no prizes for guessing. Its Sweden!
The country is on track to becoming the world’s first cashless society. One may attribute it to the country’s embrace of information technology as well as a crackdown on organised crime and terror, according to a new study. Swish, the country’s mobile payment system is likely to replace cash altogether.
” Cash is still an important means of payment in many countries’ markets, but that no longer applies here in Sweden. ”
Niklas Arvidsson, a researcher at KTH Royal Institute of Technology in Sweden, tweeted.
In Sweden, bank cards are used as a routine for even the smallest of purchases. There are 80 billion Swedish crowns in circulation, which is a sharp decline from 6 years ago, when it was 106 billion. Out of that, only 40-60% is actually in regular circulation, Niklas said.
The country has been trying to move towards a cashless system for many years now. From street magazines to bus fares, all the payments occur the cashless way. Many banks in Sweden now are completely digitalised and do not deal with cash at all.
“At the offices which do handle banknotes and coins, the customer must explain where the cash comes from, according to the regulations aimed at money laundering and terrorist financing,” he said.
This is undoubtedly a game changing stuff that Information Technology has enabled, once again showing why IT is the way forward in this modern era.
Author: Gaurav Kumar