The government has made a move toward a cashless society by announcing it will issue new paper money and replace the old bank notes by 2024. Even though the Finance Minister said the purpose is to prevent counterfeiting, the decision suggests that a transition to a cashless society may not be far behind. Here’s why.
In Sweden, the government updated the paper money in 2017. While cashless payments (credit and debit cards and mobile application payments) were spreading even before the change, updating the bank notes boosted the country to go cashless faster because the government could reduce the number of bills in circulations and it was easier for stores not to accept cash than to prepare their equipment to automatically count and distribute a whole new set of bank notes. Also, the introduction of new bank notes decreased public affection toward cash.
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