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Stockholm – Coins and banknotes have not been a favorite means of payment in Sweden for a long time, and the coronavirus crisis has only intensified the trend towards cashless payments.
Source: Tanjug
Photo: Depositphotos, olandsfokus
That is why the National Bank of that country warns citizens, because it fears that the cash could physically disappear completely.
Parents at Vedic don’t even pay their children cash, writes the German weekly “Fokus”.
The document states that only 16 percent of children receive a cash deposit, while 84 percent own weekly digital books.
Research has shown that in the Vedic generation between 18 and 34 percent in 75 percent of cases do not pay cash.
All the coins and banknotes in circulation in Sweden represent only one percent of GDP and, in comparison, in the United States, where a lot is also paid with cards, that is, eight percent, and in the eurozone, ten percent. hundred.
The crisis in the crown has increased aversion to cash, and it is interesting that most payments are made without contact, via NFC ip on the card or via mobile phone.
The development is similar to other countries, but at a lower level.
In Germany, non-cash payments increased from less than 40 to 44 percent, and in Sweden that proportion has already reached 85 percent.
Although cashless payments are good for speeding up payments, preventing money laundering and tax evasion, the National Veda Bank (Riksbank) warns of the dangers.
Governor Tefan Ingves believes that young people, since they no longer use cash, will not know anything about the appearance of the banknotes.
There are other risks as well, because cyberattacks can prevent non-cash payments and thus cause problems in society.
“Once the lights go out, we will need to have enough cash in the country, in all places,” Ingves said.
He asked the government to pass a law that would oblige the country’s banks to always have certain amounts of cash in their vaults.
By the way, Ingves is not the only one who warns of the dangers, but also many skeptics of the cashless society, who point out that the country is vulnerable if it relies solely on the digital payment system.
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