In today’s changing technological world, online payments are rapidly gaining traction. Many countries are actively promoting cashless payments. However, even now, many people prefer to use physical cash. In many nations, including India, a large number of people still prefer to transact in cash.
While many countries have achieved significant milestones in cashless payments, the circulation of cash persists. According to a report published by TV9 Bharatvarsh, the European country of Sweden has achieved the goal of 100% cashless payment, becoming the first country in the world to do so.
Sweden Becomes the First 100% Cashless Country
The European nation of Sweden has become the world’s first 100% cashless country, meaning it is now a completely cash-free nation. Shops across Sweden are now displaying signs that clearly state: “Cash Not Accepted.”
In this digital revolution in Sweden, both the country’s youth and its senior citizens have participated. While it’s generally believed that older people tend to keep a distance from new technology and use cash for payments, Sweden has challenged this idea. Today, the elderly in Sweden are using payment apps for online transactions and have become fans of this technological shift.
How Sweden Achieved This Feat
Sweden started preparing to become a completely cash-free country quite some time ago. The mobile payment app Swish became the biggest driving force behind this change. Swish was launched in 2012 by a collaboration of the country’s major banks.
Today, 75% of the country’s total population, which is over 8 million people, uses this app. Cash transactions in Sweden have now almost completely disappeared. In 2010, approximately 40% of transactions were done in cash; by 2023, this figure had dropped to less than 1%. By 2025, this figure is virtually zero, meaning Sweden has now become an almost entirely digital transaction-based country.
