What Australia can learn from Sweden's move to a cashless society
- jamessnow321
- Jun 9, 2020
- 1 min read
As Australia flirts with the idea of a cashless society after coronavirus, Sweden has a warning: be careful what you wish for.
Key points: A report predicts Australia could be cashless within two years 500,000 Australians still have a bank account with no linked debit card A Swedish expert says moving too fast can have unintended consequences Sweden is often cited as the most cashless country in the world.
It was already well on the way to digital-only payments before the pandemic was declared, and the virus has only served to hasten the demise of cash.
"If you walk in the city in Stockholm nowadays, most of the stores will have signs saying they don't accept cash anymore," says Niklas Arvidsson, an associate professor at Sweden's Royal Institute of Technology.
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