Going Cashless: What Can We Learn from Sweden’s Experience?


Sweden is expected to become the world’s first cashless society by 2023, where while coins and notes will exist, it will be impractical to use them. A fascinating interview of Jonas Hedman, associate professor at the department of digitalization at the Copenhagen Business School, who believes that becoming cashless is inevitable, not just for Sweden, but for other countries as well.

This is possible in Sweden because even though cash is a legal tender, contract laws have a higher precedence than banking and payment laws here. If a store puts up a sign that it does not accept cash, then you, as a customer, have entered a contract or an agreement with that store that they don’t accept cash. But in other countries, like Denmark for instance, payment laws have higher precedence than contract laws. In those countries, if something is a legal tender, then according to the law a store must accept it. This is one of the key reasons why Sweden is more cashless than other countries — because of its legal framework.


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