The Eurozone Nation That Ditched Cash for Good

As the “all digital” era takes over the world, particularly in the retail sector, we wonder if and when cash will disappear.

A growing number of businesses provide their customers with the ability to make payments through contactless means, such as via cards or smartphones. This shift towards dematerialized payments is significantly transforming the retail landscape. For instance, in Denmark, cash usage has nearly vanished, being replaced by digital alternatives. An interesting statistic from 2022 reveals that not a single bank robbery was recorded throughout the nation, reportedly because banks no longer handle physical currency, as mentioned on the website.
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Becoming completely “cashless”

It was in Sweden where “no cash” initially appeared in 2012. The emergence can be attributed to the use of an electronic payment system.
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, the nation established for itself the objective of achieving ”
cashless
In this state, currency would be non-existent. Consequently, an increasing number of Swedish enterprises started rejecting cash transactions. Within a decade, the quantity of circulating money in the nation decreased by half.

In 2020, though, responding to input from certain specialists and consumer groups, Sweden altered its strategy. It is now mandatory for banks to guarantee adequate service provisions for accessing cash, as explained.
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while certain enterprises still permit payment in cash.

During the digital expansion period, currency enables transactions to be confirmed in case of a cyberattack, network outage, or banking system failure.

(MH with Raphaël Liset – Source: Ça m’intéresse – Illustration: ©Unsplash)