Lena Halldenius has received funding for this research from the Swedish Research Council for Sustainable Development (FORMAS). Around the world, card

Sweden is a nearly cashless society – here’s how it affects people who are left out

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2025-01-01 17:30:03

Lena Halldenius has received funding for this research from the Swedish Research Council for Sustainable Development (FORMAS).

Around the world, cards and apps are the default way to pay – but nowhere is the transition away from cash more obvious than in Sweden. The Bank of Sweden notes that the amount of cash in circulation in the country has halved since 2007.

Part of this is due to a unique Swedish law that prioritises “freedom of contract” above any legal requirement to accept cash. In other words, it is up to businesses – including banks – whether they take cash. Public transport, stores and services typically do not accept cash as payment, and there is no infrastructure for paying bills over the counter.

The transition to cashlessness accelerated when a group of banks created the mobile payment app Swish in 2012. By 2017, Sweden was using less cash than other European countries. Today, more than 80% of the population has a Swish account.

For most Swedes, the cashless economy is swift and convenient. As long as you have a bank account and can access the technology, you probably live a cashless life already. But for the few people who still depend on cash, life is getting harder.