“Sweden is regarded as the poster child of cashless countries and is expected to become the world’s first cashless society by March 2023. This means that cash will not be a generally accepted means of payment in Sweden. This journey has been powered by various factors such as a robust card payment system, strong internet infrastructure, a popular mobile payment app, supportive legal framework and a cultural mistrust of cash.”

“Parliament’s Riksbank committee, which is in the process of reviewing the central bank law, proposed making it mandatory for banks to offer cash withdrawals and handle daily receipts. The requirement would apply to banks that provide checking accounts and have more than 70 billion kronor ($8 billion) in deposits from the Swedish public, according to a report. The lawmakers said there needs to be “reasonable access to those services in all of Sweden,” and that 99 percent of Swedes should have a maximum distance of 25 kilometers (16 miles) to the nearest cash withdrawal. The requirement doesn’t state how banks should offer those services, and lenders can choose whether to use a third party, machines or over-the-counter services.”

“Less than 400 years after it became the first European country to introduce banknotes, Sweden is on track to become the world’s first cashless economy. And while proponents of this no-bill world believe it will lead to a reduction in crime and save the government money, others are worried. Defenders of rural areas, small businesses, and pensioners say that some people are being left behind, while other critics worry about the potential security risks.”