When it comes to money and currency, Sweden has a reputation for being one of the most forthright countries on the planet. Sweden was the first country in Europe to introduce banknotes in 1661, and it has continued to be a leader in financial innovation ever since. In light of recent technological advancements, Sweden is now establishing itself as a leader in the cashless world movement. Can you imagine a society without any cash? It is predicted that Sweden’s economy will be fully cashless in March 2023. This means that the country that first introduced banknotes to the world will go down in history as the first cashless (non-Banknote-using) country exactly 362 years later. Let’s take a closer look at Sweden’s cashless goals.
Sweden has seen a considerable decline in the use of cash over the last decade. Riksbank, Sweden’s central bank, has provided evidence to back up this claim. According to Riksbank, in the last decade, the percentage of Swedish citizens who use cash has dropped from 40% to barely 9%. There is a slew of factors at play here. At very first, the development of digital payments in Sweden, as well as the emergence of several financial technology institutions, have all contributed to this development. The convenience of being able to conduct all of their financial transactions in digital apps, rather than having to visit a real bank, is now available to everyone. The second reason is that e-commerce websites are extremely popular. Today, almost everything can be purchased online through e-commerce websites, and clients may make payments online. Last but not least, the health concerns caused by the Covid-19 pandemic have made cashless payments a requirement for many people.
A Brief History of Sweden’s Economy
The Swedish economy has had a long and varied history. We wanted to highlight some of the most important points in that history for you, with an emphasis on Sweden’s digital currency.
- In 1661, the first banknotes were introduced to Europe by Sweden
- Just a week after the world’s first ATM was used in London, Sweden used its first ATM.
- in the 2010s, a 6-digit password began to be used nationally for ePayments, and then digital payments, examples of which we have seen in the world, became widespread
- In 2019, the e-Krona pilot trial, a significant step toward Sweden becoming a cashless society, was conducted. With the central bank supporting this digital money, it has the potential to be a game-changer for the nation. To make cashless payments, the e-Krona, which is planned to be launched in 2021, will be available.
In a country that is on the verge of becoming completely cashless, you should take advantage of digital payments. For us here at Jeton, it is an honour to be of service to you. Having a Jeton Wallet allows you to handle all of your payments in Sweden electronically once you have one. So, you can download the Jeton app and create a Jeton account in a matter of minutes to stay on top of the latest technological advancements available today.