Sweden, often cited as a country on the path to a cashless society, reduced the number of banknotes in circulation by 10% in 2023, according to a Riksbank report. UAFIC writes about this.
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Reducing the use of cash
However, not everyone is happy with this trend: 44% of Swedes have a negative view of the reduction in the use of cash, compared with 36% in 2022.
To solve this problem, the Central Bank says banks should be required to accept from the population deposits in the form of banknotes and coins, which does not happen.
In its report, the Riksbank also points to problems with cash management, noting that there is currently only one private company in the country transporting physical cash to and from retailers. The government should prepare proposals for how commercial banks can provide cash transport if the current system breaks down.
Meanwhile, banks and other payment providers should adapt their services for people who find it difficult to use digital technology.
Technical solutions such as biometrics could be used more widely to simplify payments and identification, the report says.
“Payments should work for everyone. In the long term, all payments may become digital, but until then cash plays an important role. We need legislation to ensure that cash can be used for payment,” says Riksbank boss Erik Tedeen and adds: Banks also need to ensure that more customers have access to payment accounts. These are important conditions for ensuring that everyone can pay today and in the future.”
