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Global

Sweden Tries to Halt Total Cashlessness With Lawmaker Proposal

“Parliament’s Riksbank committee, which is in the process of reviewing the central bank law, proposed making it mandatory for banks to offer cash withdrawals and handle daily receipts. The requirement would apply to banks that provide checking accounts and have more than 70 billion kronor ($8 billion) in deposits from the Swedish public, according to […]
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Global

Swedish Opposition to Cash-Free Economy Gains Momentum

“Less than 400 years after it became the first European country to introduce banknotes, Sweden is on track to become the world’s first cashless economy. And while proponents of this no-bill world believe it will lead to a reduction in crime and save the government money, others are worried. Defenders of rural areas, small businesses, […]
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Global

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

“Sweden is regarded as the poster child of cashless countries and is expected to become the world’s first cashless society by March 2023. This means that cash will not be a generally accepted means of payment in Sweden. This journey has been powered by various factors such as a robust card payment system, strong internet […]
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Global

Sweden’s Riksbank Biannual Payment Pattern Report

“Swedish households are increasingly using electronic means of payment such as bank cards and Swish, at the same time as the use of cash is declining. Debit cards are still dominant among electronic means of payment. This is shown by a survey that the Riksbank carried out to get a better understanding of the Swedish […]
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Domains

Swedish law now requires a direct payment option to be displayed first

“The Swedish Parliament has approved an amendment to the Swedish Payment Services Act (2010:751) that introduces a new provision regarding the display of payment solutions online. The new provision applies in the situation where a consumer buys goods or services online, and contains two new requirements. The new requirements are not imposed on online merchants, […]
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Global

Sweden Starts Testing World’s First Central Bank Digital Currency

“Sweden’s Riksbank said on Wednesday it had begun testing an e-krona, taking the country a step closer to the creation of the world’s first central bank digital currency (CBDC). If the e-krona eventually comes into circulation it will be used to simulate everyday banking activities, such as payments, deposits and withdrawals from a digital wallet […]
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Global

Swedish Banks Set up P27 Migration Committee

“The Swedish Bankers’ Association has formed a P27 Migration Committee, as the country prepares to replace its payment rails with a new pan-Nordic real-time cross border platform. P27’s initial goal is to enable real-time, batch, domestic and cross-border payments to be carried out quickly and at low cost between people and businesses within the countries […]