How's the money going in Sweden?
(8 years ago)Sweden is seen as the society that uses less money on the planet. Tables that write “do not accept cash cash” are becoming an increasingly common view in Sweden's stores and restaurants, while all payments are heading towards digital and telephone. However, the speed at which physical money is disappearing has begun [...]
Sweden is seen as the society that uses less money on the planet. Tables that write “do not accept cash cash” are becoming an increasingly common view in Sweden's stores and restaurants, while all payments are heading towards digital and telephone.
However, the speed at which physical money is disappearing has begun to bother authorities.
Most banks in Sweden have banned from accepting physical coins; many shops, museums and restaurants already accept only plastic or telephone payments, albinfo.ch conveys.
But this has another negative side, especially affecting the elderly, who have no access to digital society.
Last year, the amount of money in circulation dropped to the lowest level since 1990.
An annual study published in January showed that only 25% of Swedes use money to buy at least once a week, while in 2013 there were 63%.
The study also found that a total of 36% of people never use money, or pay with them only once or twice a year.
In response, the central bank is assessing the possibility of extracting an official form of digital currency, an e-Croatian one. The idea is for e-Croatians to function as an additional physical money and not to replace it completely.