Dear MEL Topic Readers,
Why Sweden is close to becoming a cashless economy
Cash seems to be more costly and risky, at least for merchandisers of any size in Sweden. If there was no cash, they neither need to go to the bank to deposit, exchange or withdraw bills and coins any longer nor worry about their cash registers for robberies. Some stores even claim, “no cash accepted.” They like plastic cards instead, and nowadays, mobile payment. That’s because Sweden is one of the most internet-connected and least corrupted countries in the world. People seem to trust banks, electric transactions, and online payment platforms and use them comfortably.
Also, cash handling is so costly to banks that some of them have started displacing their ATMs and cash counters from their branches. They prefer making money from online transactions made by the people who spend, save and invest more.
Enjoy reading the article and think when, if ever, cash-addicted societies like Japan or India will become cashless societies.
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