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