Sweden has officially become the world’s first cashless country, marking a historic shift in the way people pay for goods and services. With less than 1 per cent of transactions now involving physical currency, the Scandinavian nation has set a global example of how fast and effectively a society can move toward digital payments.
In Sweden, cash is almost never used anymore. Whether it is shopping in stores, eating at restaurants, donating to charities, or taking public transport, digital payments have become the standard. Most people rely on mobile apps, debit cards, and contactless payments for everyday transactions.
The change has been rapid and dramatic. In 2010, around 40 per cent of all transactions in Sweden involved cash. By 2023, this number had dropped to under 1 per cent. The success of this transition is largely credited to Swish, a mobile payment app launched in 2012. Backed by major Swedish banks, Swish has over 8 million users, more than 75 per cent of the country’s population. The app is widely used for splitting bills, paying small vendors, and even buying goods at local markets.
Sweden’s banking system has also transformed. More than half of the country’s bank branches no longer handle cash. ATMs are disappearing from public spaces, and many shops and restaurants now display signs saying “No Cash Accepted.”
There were initial concerns about whether older citizens would adapt to the change. However, over 95 per cent of Swedes aged 65 and above now use debit cards, thanks to nationwide digital training programs that have helped bridge the technology gap.
Digital cards and mobile wallets dominate payments today. Over 85 per cent of point-of-sale transactions are made using debit or credit cards, while contactless and mobile payments continue to grow quickly.
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Shivam Verma is a journalist with over three years of experience in digital newsrooms. He currently works at NewsX, having previously worked for Firstpost and DNA India. A postgraduate diploma holder in Integrated Journalism from the Asian College of Journalism, Chennai, Shivam focuses on international affairs, diplomacy, defence, and politics. Beyond the newsroom, he is passionate about football—both playing and watching—and enjoys travelling to explore new places and cuisines.
