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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 The Mighty Buzzard on Tuesday November 10 2015, @04:23PM
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
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.