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Sweden on track to becoming first cashless nation

  • With widespread use of information technology and rapid decline in cash transactions, Sweden is on its way to becoming the world's first cashless society, says a new study. The widespread and growing popularity of the mobile payment system Swish is helping hasten the day when Sweden replaces cash altogether, said researcher Niklas Arvidsson, industrial technology and management researcher at KTH Royal Institute of Technology in Stockholm. "Cash is still an important means of payment in many countries' markets, but that no longer applies here in Sweden," Arvidsson said in a statement released by the institute recently. (Source: IANS)