Research Predicts That Swedes Will Become a Cashless Society by March 2023

Sweden is one of the leading countries in the world where the population predominantly uses cashless payment, and March 24, 2023, is the date when, according to recent research, it could become the first country where monetary transactions are conducted entirely cashless, writes computersweden.

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The use of credit cards in that country is an established practice, and recent research has shown that 900 out of 1,600 banks in Sweden no longer store money in cash form, and in the future will not accept cash at all. The circulation of cash has fallen by 50 percent from 2009 to today.

Sweden will rely on Bitcoin to take a step closer to a cashless society. Already, most transactions in Sweden are conducted via credit cards and other digital payment mechanisms. People can conduct any monetary transaction through digital payment, which has led to an increased number of uses of digital cash substitutes instead of cash, TechJuice reports.

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Moreover, personal safety is another reason why people are unwilling to carry cash in their wallets. Digital money is safer and harder to steal. With Bitcoin, people will not need to have a bank account or own a mobile phone, which is another advantage of a cashless society.

Earlier this month, Dubai announced the introduction of its own digital currency called ’emCash’, while Sweden relies on Bitcoin instead of creating its own currency.