Sweden becomes the world’s first cashless country
World’s First Cashless Country: The ‘thing’ which has been ruling the world for centuries and whose dominance even today superpowers like America, China and Russia have not been able to completely end, has almost been uprooted by a European country. We are talking about cash.
The European country Sweden has done what was considered almost impossible in the financial world till now. Sweden has officially become the world’s first almost 100% cashless country. Now it has become common to see ‘No Cash Accepted’ boards at shops. The most beautiful thing about this digital revolution of Sweden is that the elders of the country have also been included in it with full respect. The generation which once trusted paper notes the most, has today become the biggest fan of mobile payment apps.
An app changed the definition of ‘cash’
This journey to Sweden was not accomplished overnight. This is the result of a well thought out and well implemented plan. You will be surprised to know that Sweden was once the first country in Europe to issue paper notes in 1661. And today this country has become the first country to say goodbye to paper currency.
Even in 2010, about 40% of transactions within Sweden were in cash. But today, by 2023, this figure has come down to less than 1%. That means out of a transaction of Rs 100, Rs 99 are being given through digital means. This 1% has also ended in 2025.
A mobile payment app named ‘Swish’ became the biggest hero of this revolution. In 2012, major banks of Sweden jointly launched it. Today the situation is that more than 75% of the total population of the country, i.e. more than 80 lakh people, use this app. This one app has completely changed the way people spend money.
Shops said- ‘Sorry, no cash’
As the roots of digital payments became deeper, the banking infrastructure of the country also started changing itself. When people no longer needed cash, banks stopped keeping it. Today, more than 50% of Sweden’s bank branches do not handle cash transactions. You can neither deposit nor withdraw cash there.
This had a direct impact on ATM machines. The number of ATMs across the country decreased rapidly because the need for them has ended. Digital payment has now become not just a convenience but a necessity.
Elders not left behind in ‘digital revolution’
Often whenever there is a major technological change, there is a fear that the older generation may not be able to keep up with it. But Sweden broke this myth. The government and banking system here ensured that digital literacy reaches every section of the society.
For this, special training programs were run, in which the elderly were taught to make secure payments through the app. The result was that today 95% of Swedish citizens above 65 years of age are using debit cards and payment apps without any hesitation. This success shows that given the right training and facilities, age is not a barrier to technology adoption.
Many countries on the path of Sweden
What Sweden has achieved is an example for many countries of the world. After Sweden, countries like Norway, Finland and South Korea are also fast on the same path, where the use of cash has reduced to less than 5%.