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Sweden may be a cashless economy by 2023: Reports

Oct 16, 2017, 6:32 AM EDT
(Source: OTA Photos/flickr)
(Source: OTA Photos/flickr)

Researchers estimate that Sweden may go entirely cashless by 2023, as a growing chunk of population switches thick and fast to cards and mobile payment apps for convenience and greater security of digital transactions.

Stats by Sweden's central bank, the Riksbank, reveal that barely 20% of transactions in Swedish stores are now carried out in cash, notes the BBC.

The propagation of cash-free trend in the Nordic nation has been facilitated by all stakeholders, including consumers, retailers, banks and others, as they seek to minimize risk of robberies while speeding up the payment process, writes Futurism

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