Swedish government officials have recently warned its citizens to stockpile banknotes and coins before the country completes its transition from conventional cash to virtual currency. They explained that a cyber attack or a disaster might take out the banks, thereby eliminating the primary provider of digital payments.
Consumers and sellers consider digital payments to be highly convenient. Sweden is one of the leading users and proponents of the technologies that will eventually enable a cashless society.
The KTH Royal Institute of Technology recently established that just 18 percent of the payments made in Sweden during 2019 used cash. The number dropped by 15 percent compared to that from 2018.
In the same vein, data from the Swedish Trade Federation (Svensk Handel) showed that 80 percent of the purchases at most local retailers get paid via credit card. Experts have predicted that the percentage would rise to 90 percent by 2020.
The figures show that Sweden relies heavily on digital commerce. Many experts believe that it might attain the status of the first cashless society – along with all the problems that accompany it...<<<Read The Full Article Here>>>...
