The European country that decided cash would no longer exist

As the "all digital" era takes over the world, particularly in the retail sector, we wonder if and when cash will disappear.

Many businesses now offer customers the option to pay using contactless methods (with card or phone), with dematerialised payment beginning to revolutionise the retail world. In Denmark, for example, cash has virtually disappeared in favour of dematerialisation. A notable fact: in 2022, no bank robberies were reported across the country due to the absence of cash in bank branches, according to the website Ça m’intéresse.

Becoming completely "cashless"

It was in Sweden that "no money" first emerged in 2012. Thanks to the electronic payment service Swish, the country set itself the goal of becoming "cashless", a state where cash would no longer exist. As a result, more and more businesses in Sweden began refusing cash payments. In just 10 years, the amount of cash in circulation in the country was halved.

In 2020, however, in response to arguments from some experts and consumer associations, Sweden changed its approach. Banks are now legally required to ensure the provision of sufficient services to access cash, explains Ça m’intéresse, while some businesses continue to allow cash payments.

In the digital boom era, cash still allows payments to be validated in the event of a cyberattack, network failure, or banking system malfunction.

(MH with Raphaël Liset - Source: Ça m’intéresse - Illustration: ©Unsplash)