Sweden is generally viewed as the most cashless country on the planet — so cashless, in fact, that authorities are getting a little worried about it.
In that Scandinavian land to the north, fully 36 percent of the people never pay for anything with cash — in Sweden, the currency is called the kronor — or use it only once or twice a year. In 2017, only 25 percent of Swedes pay with cash at least once a week, down from 63 percent in 2013. The amount of cash in circulation, generally, has fallen precipitously. Some restaurants and shops don’t accept cash under any circumstances and post “no cash” signs in their windows, and even some bank branches don’t carry cash. (Bank branches without cash? What do tellers do?)
So, what’s the concern? It centers on the elderly, who are accustomed to paying with cash and who might not be comfortable with paying with plastic or their cell phones — or even have access to those payment methods. The decline in cash acceptance and cash use generally is being examined by Swedish government and the Swedish central bank to determine whether steps should be taken.
Will America eventually reach a similar point? I hope not. I like the idea of having a little cash in my pocket, in case the technology breaks down. Sometimes it’s just easier to pay with cash, too. And if you are an advocate for personal privacy, cash is a nice option because of its anonymity and untraceability compared to, say, a credit card swipe. And there are some things that are always done with cash, and presumably always will be: how would people looking for a handout or bus fare get along in a cashless society?