Why this becomes the world’s first cashless society?
Sweden started using cash Since 1661.But today Sweden becomes first cashless society in the world.
Its been years, since they stopped using cash in bus,trains for tickets.Owners of shops had also stopped using notes and coins from many years.Government of Sweden has made all facilities to make the business without cash.
To buy things,to gift things,to help one another, they use mobiles or the cards.
Last year only 2% of the notes had been used for their needs.According to economic researches,for 2020 it reduces to 0.5% and in 2025 it will be completely reduced to 0% and Sweden will completely become a cashless country.
Since 1990,Sweden started using debit and credit cards for all purposes.Five years back 50% of cash usages was being there.But the usage of cash had been reduced when smart phones started improving.
Small businessman and vendors uses iZettle for their trades.It is developed by sweden people itself.Its been exported to other countries of Europe also.
The size of iZettle will be like small mobile phones.It can be easily connected to smart phones and can quickly do the transactions through the apps in mobile phone.
In Sweden,the usage of this iZettle is being increased by 30% in last 5 years.
Cashless transactions in banks:
More than 1600 branches in Europe,cashless transactions takes place.There are many facilities in these banks which provides cashless transactions.As there is no usage of cash in these banks, there will be a lot of savings in these banks.
Banks use these savings for giving numerous facilities to customers.And also the number of ATM’s has been decreased in Sweden.
Nordea, Handelsbanken, SEB, Danske Bank and Swedbank, and 6 other banks together combined and developed the app ‘SWISH’ in 2012.People who has got smart phones can use their mobile numbers for this application and can easily do their transactions.
As banks provide all the facilities through this application,People not willing to use cash.
How it’s all possible:
Famous mobile game ‘candy crush‘ and music ‘spotify‘ discovered in Sweden itself.Sweden always stands first in technology.They are the role model for using modern technology for the whole world.
As compared to other countries in Europe,Sweden makes the use of Debit and credit cards three times greater than any other countries as said by ‘VISA’ company.