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 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.