A Cash-Free Future in Sweden?
Can you imagine a cash-free society?
Few countries are moving so fast in this direction as Sweden. I enjoyed the recent article in the NY Times about this matter, In Sweden, a Cash-Free Future Nears.
The article highlights that "Bills and coins now represent just 2% of Sweden’s economy, compared with 7.7% in the United States and 10% in the Euro-area"
Although many people speak in favor of electronic payments, they are not free from risks such as privacy concerns, potencial Internet crimes and difficulties for older people to adapt to the new methods of payment.
It is funny, at the very end of the article, an example is given about somebody who stops at a hot-dog stand and the card reader does not work. I experienced exactly the same situation this summer in hot-dog stand in Stockholm. I was lucky to have some cash with me...
Few countries are moving so fast in this direction as Sweden. I enjoyed the recent article in the NY Times about this matter, In Sweden, a Cash-Free Future Nears.
The article highlights that "Bills and coins now represent just 2% of Sweden’s economy, compared with 7.7% in the United States and 10% in the Euro-area"
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| "We are cash-free", as I saw in a Hotel in Sweden |
Although many people speak in favor of electronic payments, they are not free from risks such as privacy concerns, potencial Internet crimes and difficulties for older people to adapt to the new methods of payment.
It is funny, at the very end of the article, an example is given about somebody who stops at a hot-dog stand and the card reader does not work. I experienced exactly the same situation this summer in hot-dog stand in Stockholm. I was lucky to have some cash with me...