Mubasher: Sweden is likely to become the world’s first cashless nation by 2023, according to a recent study.
The European country is on track to abandon cash behind in favour of E-cards and mobile payment apps, data released by the World Economic Forum showed on Thursday.
On the other hand, Swedish retailers expect dealing with cash to maintain for a couple more years.
This study indicated that cash in China is rapidly vanishing, as mobile payments doubled over the last year.
Experts forecasted Sweden to be completely cashless as cashless payment rates hiked over the past years, pointing out that even Swedish retailers would not accept cash by 2023.
Moreover, a survey indicated that 50% of Swedish retailers anticipate cash to be out of circulation by 2025.
It is worth mentioning that 97% of Swedish retailers now accept cash, while 18% accept cashless payments.