Stories
Slash Boxes
Comments

SoylentNews is people

posted by janrinok on Tuesday November 10 2015, @06:59AM   Printer-friendly
from the silent-cha-ching-noise dept.

A new study out of Sweden says the tiny country is on course to become the world's first "cashless society," thanks in part to a mobile payment app called Swish.

The Royal Institute of Technology in Stockholm released a statement in October quoting researcher Niklas Arvidsson, who said cash is an important means of payment in many countries, "... but that no longer applies here in Sweden."

Arvidsson and his team of researchers said there are about 80 billion Swedish crowns in regular circulation, down from 106 billion six years ago. "And out of that amount, only somewhere between 40 and 60 percent is actually in regular circulation. ... Our use of cash is small, and it is decreasing rapidly."

Swish has more than 3.5 million users (of Sweden's total population of 9.5 million) and nearly 4.5 billion Swedish crowns were "Swished" in October.


Original Submission

 
This discussion has been archived. No new comments can be posted.
Display Options Threshold/Breakthrough Mark All as Read Mark All as Unread
The Fine Print: The following comments are owned by whoever posted them. We are not responsible for them in any way.
  • (Score: 5, Insightful) by Anal Pumpernickel on Tuesday November 10 2015, @07:39AM

    by Anal Pumpernickel (776) on Tuesday November 10 2015, @07:39AM (#261128)

    This is great! It makes it all the easier for businesses and the government to track you.

    But if you like privacy, then it's not so great. Let's hope that cash doesn't disappear completely, thereby removing the choice entirely.

    Starting Score:    1  point
    Moderation   +4  
       Insightful=4, Total=4
    Extra 'Insightful' Modifier   0  
    Karma-Bonus Modifier   +1  

    Total Score:   5  
  • (Score: 0) by Anonymous Coward on Tuesday November 10 2015, @08:39AM

    by Anonymous Coward on Tuesday November 10 2015, @08:39AM (#261144)

    Let's hope that cash doesn't disappear completely, thereby removing the choice entirely.

    Better don't count on it.

  • (Score: 5, Insightful) by G-forze on Tuesday November 10 2015, @08:49AM

    by G-forze (1276) on Tuesday November 10 2015, @08:49AM (#261148)

    I like technological advancements and the convenience they may bring as much as any nerd, but this is a scary development. Already today, there are people not eligible for a bank account for some reason or another. What happens when there is no cash to use? The possibilities of creating a whole new class of outcasts with no way of paying for their daily needs is frightening.

    Not to mention this is probably among the NSA's top three wet dreams.

    --
    If I run into the term "SJW", I stop reading.
    • (Score: 5, Interesting) by canopic jug on Tuesday November 10 2015, @11:05AM

      by canopic jug (3949) Subscriber Badge on Tuesday November 10 2015, @11:05AM (#261191) Journal

      In addition to privacy questions there is also the opportunity for abuse by the banks. If it is like it was in Norway, then the banks will use it to tack on all kinds of service charges even though they are saving money. I don't know the situation now, but a while back the banks in Norway gave the debit cards to kids and allowed them to use them free of charge until 18 years old. At that point hefty service charges per use kicked in. After that I rarely if ever saw a young person paying for anything, no matter how small, in cash. I can only imagine that the trend continued and the banks succeeded in getting the kids hooked on cards.

      In Sweden I expect that something similar might be happening. A little more than 15 years ago, the banks engaged in apparent mail fraud, escaping on a technicality and a loose interpretation of the law, by sending new cards with high fees to replace the free cards that they were obligated to provide. You could still ask for a free card, but the bank staff would not give it to you or even admit its existence until you asked for it by it's correct and formal marketing name.

      In Finland, they've been removing ATMs left and right. So there are many places where people live that you simply have no access to cash unless you import it from other regions. And I gather that many towns and nearly all villages most banks no longer even have a branch office. Some remaining banks no longer handle cash, or at least not up front without scheduling an appointment or something.

      I suspect that all of the above is driving by the banks wanting to wash their hands of small accounts or even private accounts in general and focus on speculation^Winvestment.

      --
      Money is not free speech. Elections should not be auctions.
      • (Score: 2) by isostatic on Tuesday November 10 2015, @01:25PM

        by isostatic (365) on Tuesday November 10 2015, @01:25PM (#261223) Journal

        focus on speculation^Winvestment.

        You mis-spelt gambling.

        • (Score: 1, Insightful) by Anonymous Coward on Tuesday November 10 2015, @03:13PM

          by Anonymous Coward on Tuesday November 10 2015, @03:13PM (#261280)

          You just have to say it the right way to make it accepted.

          "What did you do with the money?"
          "I played every lottery I could find."
          "How could you waste that money in such a stupid way!"

          "What did you do with the money?"
          "I made a series of small high-risk investments, thus spreading the risk, with potentially huge profit margin for each of the investments."
          "Sounds great."

          • (Score: 2) by isostatic on Tuesday November 10 2015, @05:48PM

            by isostatic (365) on Tuesday November 10 2015, @05:48PM (#261352) Journal

            Of course both ways are dumb. The smart way to gamble is to use someone else's money, and take some of the profits, and say "sorry, give me more money and I'll do better next time" if you lose.

            For bonus points claim to have a "system". Plenty of people have a system at vegas. Some people actually win in vegas, so if you build it as an industry you can point to the winners and say "see".

            • (Score: 1, Touché) by Anonymous Coward on Tuesday November 10 2015, @06:19PM

              by Anonymous Coward on Tuesday November 10 2015, @06:19PM (#261366)

              For bonus points claim to have a "system". Plenty of people have a system at vegas. Some people actually win in vegas, so if you build it as an industry you can point to the winners and say "see".

              Winning at a casino is actually quite simple: own the casino.

      • (Score: 2) by Nuke on Tuesday November 10 2015, @02:36PM

        by Nuke (3162) on Tuesday November 10 2015, @02:36PM (#261256)

        In addition to privacy questions there is also the opportunity for abuse by the banks.

        By "abuse" I assume you include the fact that they will take a percentage cut of your money every time you make a transaction. But they would not call that "abuse", just "administration costs".

    • (Score: 2) by Gravis on Tuesday November 10 2015, @02:07PM

      by Gravis (4596) on Tuesday November 10 2015, @02:07PM (#261244)

      Already today, there are people not eligible for a bank account for some reason or another.

      such as?

      • (Score: 2) by tempest on Tuesday November 10 2015, @02:27PM

        by tempest (3050) on Tuesday November 10 2015, @02:27PM (#261253)

        If you have a bad enough credit and end up with a fair amount of bounced checks, banks will no longer give you an account. People in this situation typically end up using rip-off check cashing services to cash their paycheck, which makes it even harder to dig themselves out of the hole they've gotten into.

        • (Score: 2) by The Mighty Buzzard on Tuesday November 10 2015, @04:23PM

          by The Mighty Buzzard (18) Subscriber Badge <themightybuzzard@proton.me> on Tuesday November 10 2015, @04:23PM (#261313) Homepage Journal

          Actions having consequences... Damn the bad luck!

          --
          My rights don't end where your fear begins.
          • (Score: 1, Informative) by Anonymous Coward on Tuesday November 10 2015, @05:35PM

            by Anonymous Coward on Tuesday November 10 2015, @05:35PM (#261345)

            Yeah, its totally my fault that I had a positive balance in my bank account, only to be hit by some bullshit fee out of nowhere which took me into the negative, followed by multiple "Insufficient Funds Fees" of $35 each for not having enough to cover that fee that never existed before and I was never told about, plus another "Insufficient Funds Fee" for another $40 just because, which caused my checks to bounce. Totally my fault for the bank hitting me with bullshit fees out of nowhere for literally no reason.

      • (Score: 4, Informative) by Nuke on Tuesday November 10 2015, @02:31PM

        by Nuke (3162) on Tuesday November 10 2015, @02:31PM (#261254)

        Already today, there are people not eligible for a bank account for some reason or another.

        such as?

        1) Me.

        I was refused opening an account a couple of months ago because of issues with my address. I live on a rural road that has no name, never has had. The online application form demanded a road name, would not proceed without one, so I made one up (a plausible one). What must have happened next is that the computer went to check my name against the Electoral Roll, and of course it did not match - so rejection.

        After about 10 letters back and forth, and four visits to branches, no staff could (or dared to) over-ride their computer system.

        I do have other bank accounts, but as the regulations to stop money laundering are being ever tightened, I wonder if I would be able to open any (or even keep them open) in future.

        2) My Sister-in-Law

        She has no passport, no driving licence, and all the household bills are in her husband's name. A perfectly respectable woman, but sorry - bank accounts refused. In her case she does not have other bank accounts.

        Nonsense like this needs sorting before cash is banned.

        • (Score: 2) by AnonymousCowardNoMore on Tuesday November 10 2015, @03:06PM

          by AnonymousCowardNoMore (5416) on Tuesday November 10 2015, @03:06PM (#261275)

          There have rare cases in my country (and I'm sure yours as well) of people being combined in government databases. Usually two people with the same name born on the same day, who then get assigned a single government ID number. When this was discovered, the banks simply froze their accounts for using someone else's identity, leaving them with no access to their wages. (Most employers around here will normally refuse to pay either cash or cheque. The latter incurs an absurdly high fee from the bank. Cash is too dangerous.) Everything else—drivers' licence, you name it—gets invalidated. And trying to fix a government mistake is an exercise in futility.

          Sorry about your situation. :(

        • (Score: 0) by Anonymous Coward on Tuesday November 10 2015, @09:34PM

          by Anonymous Coward on Tuesday November 10 2015, @09:34PM (#261442)

          My high school was in the middle of farming country.
          A bunch of my classmates lived on such roads and every one of them had a mailing address (e.g. Rural Route 7, Box 62).
          Do you have to go into town or some such to check your mail?

          -- gewg_

      • (Score: 2) by kurenai.tsubasa on Tuesday November 10 2015, @02:57PM

        by kurenai.tsubasa (5227) on Tuesday November 10 2015, @02:57PM (#261266) Journal

        In addition to Nuke, I also know somebody who is unable to open an account at a major bank or even at my credit union because she got listed on ChexSystems after accidentally overdrawing an account by like $10. By the time she was able to settle the account, it had ballooned into a matter of $300. However, even after settling the account with original bank, she is still listed on ChexSystems.

        As far as we can tell, ChexSystems does not forgive, and it does not forget.

        • (Score: 0) by Anonymous Coward on Tuesday November 10 2015, @03:38PM

          by Anonymous Coward on Tuesday November 10 2015, @03:38PM (#261291)

          Before I got a credit card, I was denied Credit Union membership for the opposite reason: no debt for the 3 previous years.

          It is like they assume you declared bankruptcy or something (rather than actually properly manage your money).

          • (Score: 2) by Nuke on Tuesday November 10 2015, @04:59PM

            by Nuke (3162) on Tuesday November 10 2015, @04:59PM (#261327)

            I was denied Credit Union membership for the opposite reason: no debt for the 3 previous years.

            Not having a passport, any debt or any previous bank account are regarded as sure signs of being a crook.

            I once read a spoof article about the Duke of Edinburgh being refused a credit card. He failed on all counts :-

            Unemployed
            Lives on wife's/state income
            No fixed abode [shifts between about six different addresses]
            Lives in wife's house(s)
            Not born in the UK
            Previous debt records cannot be found
            No previous credit cards in his own name [his flunkies settle his accounts]
            Known by more than one name/title

            All very suspicious.

          • (Score: 2) by The Mighty Buzzard on Tuesday November 10 2015, @05:06PM

            by The Mighty Buzzard (18) Subscriber Badge <themightybuzzard@proton.me> on Tuesday November 10 2015, @05:06PM (#261328) Homepage Journal

            They'd love me then. I haven't had a bank account, loan, or a card of any kind other than anonymous prepaid in almost twenty years. Cash is king. Cards are for online purchases only and even then should never be traceable back to you.

            --
            My rights don't end where your fear begins.
            • (Score: 1, Interesting) by Anonymous Coward on Tuesday November 10 2015, @05:41PM

              by Anonymous Coward on Tuesday November 10 2015, @05:41PM (#261347)

              You'd be lucky to even get a job. These days they outright fire people for not having a good credit score, and use credit scores as part of the hiring process. Having no credit record would fall under that. What I don't understand about these policies is, how are you supposed to pay off your debts or establish a credit record without a source of income?

  • (Score: 1, Insightful) by Anonymous Coward on Tuesday November 10 2015, @11:58AM

    by Anonymous Coward on Tuesday November 10 2015, @11:58AM (#261199)

    Obviously there are places in the world, as rare as it might be, where the government actually does its best working for the people of the country. Where the interests of big corporations are kept in check, and the government knows its mandate is to make the life and welfare of its citizens priority. Suffice to say in a place like this your ramblings would be dismissed as paranoia.

    Those of us who live in the other side of that coin - with a shitty, oppressive, and dick-swinging government - just cannot comprehend such reality. We will sit back and pointlessly point out their "folly" while doing absolutely nothing about ours.

    • (Score: 0) by Anonymous Coward on Tuesday November 10 2015, @03:00PM

      by Anonymous Coward on Tuesday November 10 2015, @03:00PM (#261269)

      Yet drugs are illegal in sweden as well.

    • (Score: 2) by Anal Pumpernickel on Wednesday November 11 2015, @02:48AM

      by Anal Pumpernickel (776) on Wednesday November 11 2015, @02:48AM (#261546)

      Obviously there are places in the world, as rare as it might be, where the government actually does its best working for the people of the country.

      This is the sort of naive attitude that enables oppression. As soon as you let your guard down (and even if you don't, but to a lesser extent), that allows the government to begin chiseling away at your freedoms.

      Suffice to say in a place like this your ramblings would be dismissed as paranoia.

      Suffice to say, dismissing my statements as paranoia just demonstrates severe ignorance of history and human nature. There has not been a single government throughout history that has not abused its powers in horrendous ways and oppressed its people. Not one. That is because power corrupts and corrupt people tend to want power so they can use it for their own ends. Now you're going to tell me, that merely by virtue of being part of the Swedish government, that people become perfect beings incapable of abusing their powers or making mistakes that result in the violation of people's rights, and all this in the face of all the historical evidence of government corruption? Don't make me laugh. It's extremely arrogant for someone to pretend that because the politicians work for the Swedish government, that they are magically better than the ones from elsewhere; it's pure insanity, and it's the sort of insanity that will lead to the loss of freedoms. If anything is better, it's because you put proper checks and balances on your government in some areas and work towards securing your own freedoms and privacy. The government isn't better because it's in Sweden or other countries.

      Another problem with what you said is that Sweden is already *far* from free. Their government engages in censorship, bans drugs, definitely would love to have mass surveillance on the scale that we have in the US (and), and probably many other things that someone from Sweden would know. Furthermore, a violation of your privacy is bad in and of itself, even if it is done by imaginary benevolent people. Privacy is a goal in and of itself; it's not just for security.

      Do me a favor and tell these people who would dismiss my statements as paranoia to move to North Korea where they belong.

      We will sit back and pointlessly point out their "folly" while doing absolutely nothing about ours.

      Who says we should do nothing? In case you haven't noticed, many (but not enough) people are working towards stopping government oppression and lawbreaking.

      Besides, you ignored what I said about businesses. Even if you're dumb enough to believe the government is full of perfect beings, certainly you're not unintelligent enough to believe the same is true of businesses?

    • (Score: 0) by Anonymous Coward on Wednesday November 11 2015, @03:09AM

      by Anonymous Coward on Wednesday November 11 2015, @03:09AM (#261557)

      Those of us who live in the other side of that coin - with a shitty, oppressive, and dick-swinging government - just cannot comprehend such reality.

      No one should be able to comprehend such a reality, because it's just a comforting illusion, much like the idea of an afterlife.