Sweden Becomes a Cashless Society by 2023

[futuretrends]

Next year, Sweden will no longer depend on cash as a source of payment as they'll focus more on credit cards and non-physical currency. This will make the country become one of the first developed countries in the world to do such a thing, and I can see nations following their lead in the further future.

Benefits
- Bank robberies in Sweden will become obsolete – or rather, meaningless if they continue.
- Cash fraud in Sweden will also become obsolete
- Sweden citizens will have faster transactions.

Likely problems
- Credit card fraud will likely be a huge issue
- Some Swedish businesses without credit card support and only has a cash-only system will certainly face troubles during the transition.
- Without physical payment, this leaves Sweden citizens vulnerable to potential hacks and information breaches.
- Swedish banks will have to follow suit in the transition as some might struggle.
- Privacy will become a huge concern when it comes to online transactions.


But what do you guys think about this?

[Jakob]

I'm sure the Swedish government won't abuse this to empty out the bank accounts of "undesirables", nor restrict the purchase of subversive materials (read: literally anything fun. unless you're rich and powerful of course).

[Nanotechandmorefuture]

Next year, Sweden will no longer depend on cash as a source of payment as they'll focus more on credit cards and non-physical currency. This will make the country become one of the first developed countries in the world to do such a thing, and I can see nations following their lead in the further future.

Benefits
- Bank robberies in Sweden will become obsolete – or rather, meaningless if they continue.
- Cash fraud in Sweden will also become obsolete
- Sweden citizens will have faster transactions.

Likely problems
- Credit card fraud will likely be a huge issue
- Some Swedish businesses without credit card support and only has a cash-only system will certainly face troubles during the transition.
- Without physical payment, this leaves Sweden citizens vulnerable to potential hacks and information breaches.
- Swedish banks will have to follow suit in the transition as some might struggle.
- Privacy will become a huge concern when it comes to online transactions.


But what do you guys think about this?

Well with all this talk of AI, Neural Networks and all if Sweden is going to take on more of the digital cash initiative it should be a test of how well everything is setup. The biggest issue will be security of cash due to all the hacking and everything going on from time to time though once that gets settled it will be the safest and most secure thing everyone will have and over time they probably would wish it was done sooner.

The change to society will be quite drastic of course.

I'm sure the Swedish government won't abuse this to empty out the bank accounts of "undesirables", nor restrict the purchase of subversive materials (read: literally anything fun. unless you're rich and powerful of course).

Like everything it is always political. That is always a consideration and if the stories a month or so ago of the truckers in Canada getting their payments shut off is true then well there is your digital future. All this is cool until it isn't but not like there was not years of warning before all this.