Sweden: The first european country to introduce bank notes and the first to eliminate them

Sweden may be the first country in the world to eliminate cash completely because it has implemented the latest methods of paying for goods. It represents the future of the new economical era by technological progress applied in business.


The future swedish question: What is a bank-note?

It was in 2010 when public buses stop accepting cash, today the unique way to pay the service is by tickets that are prepaid or purchased with a cell phone text message. There are a large number of businesses that are not longer accepting cash too replacing for cards and electronic payments. Bills and coins represent only 3 percent of Sweden’s economy, it represents a great percent compared with the tree quarters represents Italy of all purchases, and swedes are using electronic payments 260 times per person, per year.

It’s a fact in a developed country with high technology sources, there are many tech company who are developing new services for smartphones regarding payments electronic systems. For example, there is a device that let businesses to transform an iPhone as a credit card terminal, it just has to be plugged into the back of the phone; also there are banks who are working in a service that let costumers to make a successful transfer with smartphones in real-time.

Credit Card Online Shop

Less dangerous, more security

One of the most important advantages in a country where people prefer to use electronic payments instead of cash, is the proportional reduction of crimes. Now times are going to be harder for thieves, because according to The Swedish Bankers’ Association the number of bank robberies plunged from 110 in 2008 to 16 in 2011.

Also when people is using more cards, is less probably to expect they’re involved in a shadow activity and they’re safer  on street because the lack of handle cash. For that reason, the number of thieves is expected to be reduced drastically in the next years.

People are prepared to forget cash?

However, there are challenges Sweden has to face if they want to be the first country to use electronic payments completely. One of the principal problems is the elderly population, many of them don’t know how to use the latest methods of payments where they still prefer to use cash. Another disadvantage is that there are people who are not completely convinced to use card all the time, because when they make a transaction there is a charge of $0.80 where they think it represents a huge profits for banks.

The last principal problem, it’s likely to expect an increase of cyber crimes in the future, there was a critical increase from 3,304 fraud cases in 2000 to nearly 20,000 in 2011; for that reason the country is going to have to work in better systems for the prevention of cyber crimes.

Although there are many reasons seem unlikely to see a country with no flow cash in the future, Sweden has achieved a great development in his economy for using technology in business.


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