Sweden fast developing into 100 percent cashless transaction country
Posted on: 25/Nov/2016 5:40:12 PM
Sweden is set to become the first country with cashless financial transactions. In face, as on today, 80 percent of the financial transactions in the country are in the digital mode.Most Swedish people prefer to have money transactions through card or Apps.
When you ask a Swede when he/she carried out the last purchase in cash, the most likely answer is either last month or last week. So, the hard cash circulation in Sweden has dropped to such an extent.
Most Swedes do not carry large amounts of hard cash. They have even trained their children to pay for their purchases through debit cards.As most transactions are in the digital mode, the Swedish also pay not only the items but also the taxes and various fees/service charges through the credit/debit cards or Mobile Apps.
Swedish traders also confirm that most of the transactions are in digital mode. Only on very rare occasions, some people pay cash and buy things. Even the retail traders keep only small sums of hard cash.
The application of the latest technology is already in vogue in Sweden in day-to-day life. In many places, there are no shop assistants. Right from entering the shop through the gate till making the payment for the purchase, every activity is done through Mobile Apps.Paying cash and buying has become a rarity in Sweden.
Even the small traders selling items such as newspapers on the pavement of the street accept the payment made through cards or Mobile Apps. The fares for bus and train travel are also collected in digital mode.
