Diplomacyindia.com


Sweden on track to becoming first cashless nation

Sweden on track to becoming first cashless nation
October 17
08:36 2015

London, Oct 16 (IANS) With widespread use of information technology and rapid decline in cash transactions, Sweden is on its way to becoming the world’s first cashless society, says a new study.

The widespread and growing popularity of the mobile payment system Swish is helping hasten the day when Sweden replaces cash altogether, said researcher Niklas Arvidsson, industrial technology and management researcher at KTH Royal Institute of Technology in Stockholm.

“Cash is still an important means of payment in many countries’ markets, but that no longer applies here in Sweden,” Arvidsson said in a statement released by the institute recently.

“Our use of cash is small, and it is decreasing rapidly,” Arvidsson noted.

In a country where bank cards are routinely used for even the smallest purchases, there are less than 80 billion Swedish Krona (SEK) in circulation (about EUR 8 billion), a sharp decline from just six years ago, when the total in circulation was SEK106 billion.

“And out of that amount, only somewhere between 40 and 60 percent is actually in regular circulation,” he said.

The rest is socked away in people’s homes and bank deposit boxes, or can be found circulating in the underground economy, the study said.

The result of collaboration between major Swedish and Danish banks, Swish is a direct payment app that is used for transactions between individuals, in real time.

Share

Related Articles

0 Comments

No Comments Yet!

There are no comments at the moment, do you want to add one?

Write a comment

Write a Comment

Your email address will not be published.
Required fields are marked *

Social Icons

Diplomacyindia.com Video Interview with Shri Dnyaneshwar M. Mulay Secretary (CPV & OIA), Ministry of External Affairs speaking on an eventful journey of Indian Passport through its serveral phases, fast expanding network of passport seva kendras, evergrowing numbers, citizen centric service & new Initiatives

Diplomacyindia.com Video Interview with Shri Dnyaneshwar M. Mulay Secretary (CPV & OIA), Ministry of External Affairs speaking on safety & security features of the passport documents in an era of digitalisation his cherished moments & milestones as “Passport Man” of India tranforming the entire passport landscape.

Diplomacyindia.com Video Interview : Mrs. Reva Ganguly Das (IFS) Director General, Indian Council of Cultural Relations Speaking on Yoga Day Celebrations

Exclusive Interview to Diplomacyindia.com with Shri Upendra Tripathi, IAS Interim DG, International Solar Alliance (ISA) speaking on the journey of ISA so far, guiding principles, vision & priority areas & programmes for ISA.

Exclusive Interview to Diplomacyindia.com with Shri Upendra Tripathi, IAS Interim DG, International Solar Alliance (ISA) speaking on expanding rank of international solar alliance & opening the membership to the countries beyond tropics.

Diplomacyindia.com Exclusive Interview with Ambassador of Slovenia to India, H.E. Mr. Jozef Drofenik speaking on Bilateral Relations and Trade between India and Slovenia

Diplomacyindia.com Exclusive Interview with Ambassador of Slovenia to India, H. E. Mr. Jozef Drofenik speaking on Tourism in Slovenia

Pictures of Formal Launch of Website Diplomacyindia.com

Knowledge Partner

Exclusive Interview with Prime Minister of Guyana, H.E. Mr. Moses Veerasammy Nagamootoo during his recent visit to India.Highlights of the interview were Indian Cultural Connect, Vibrant Bilateral Ties and Cultural Connect and India’s Economic Prowess.

Video Message from Shri Prakash Javadekar, MoS (IC) for Forest, Environment & Climate Change on eve of Formal Launch of Website Diplomacyindia.com

Message from Gen. V K Singh, (Retd.) Hon’ble MoS, External Affairs to Diplomacyindia.com

WP2Social Auto Publish Powered By : XYZScripts.com