This was copied and translated from a Swedish newspaper using Google Translate (surprisingly few errors).
It can happen here as well if consumers are not using cash when shopping in stores. Credit cards are useless during power outages or payment systems are disabled by hackers.
On March 24, 2023, you will no longer be able to use cash in Sweden because the trade stops receiving them, “said researchers.
In just over five years, we will say goodbye to our pieces and coins – and it is consumers who drive this development, according to two researchers at KTH and Copenhagen School of Economics, Copenhagen, writes Computer Sweden.
It is the researchers Niklas Arvidsson at KTH and Jonas Hedman at the Copenhagen Business School, who declared it all during a seminar of the Trade Council.
The nailed date is based on a calculation of trends, as reduced cash usage and the increased cash handling costs of the trade come to such a critical point that it is not profitable with cash anymore – that is, March 24, 2013.
According to a survey conducted by researchers, half of the trades, who predict the same fate for cash, think they will die out last 2025. But that’s not what drives development.
“97 per cent of the merchants receive cash – but only 18 per cent of consumer payments are made in cash. So it’s the consumers that run,” says Niklas Arvidsson, according to Computer Sweden.
Cash management is an expensive trading story and Niklas Arvidsson believes that the traders spend 113 minutes a day on it – which in turn involves a cost of 182,000 kronor per year for a cash turnover of 4.6 million, the average as the 741 study grocery stores land on. It all accounts for 3.9 percent of each purchase and is a cost that the traders are unaware of.
Niklas Arvidsson is not afraid of development even if it can bring some trouble;
“We are a small country that has had a very stable democracy for a long time. For us, it’s no problem that money is only visible on an internet site – we trust it,” he says, continuing;
“There are also groups that are definitely not ready. Older people, people with disabilities, immigrants and smaller businesses, where they need to find solutions that help them.”