Sweden is set to become the first cashless society in the world, researchers report, crediting the shift towards electronic-only transactions to a new mobile payment system called Swish, which facilitates real-time deposits with no minimum spend.
Right now, there's less than 80 billion Swedish crowns in circulation (about EUR8 billion) and Arvidsson says out of that, only 40 to 60 percent is actually still in regular circulation. The remainder has been buried in people’s backyards, in their sock drawers, or is being used for criminal activity. To give you an idea of how quickly the Swedes are rejecting cash, just six years ago, that figure was up around SEK106 billion.
Not only have businesses done away with the 'minimum spend' rule when it comes to EFTPOS and credit card transactions, but there’s been a huge uptake of mobile app called Swish. The app allows for real-time transactions to take place, with users able to transfer money straight from their bank account to anyone else with a bank account, whether they’re at a restaurant, in a cab, or at the flea market. According to Arvidsson, the Swedes love Swish so much, it’s already revolutionising the local banking system, with several major banks refusing to accept cash at all, and as of late last year, four out of every five purchases in the country were being made electronically.
How can you transfer donations to homeless on the street, are you supposed to give away an entire card and pin?
There shouldn't be homeless people in the first place. It's up to a government to deal with homeless people on the street. No human being deserves to live without a roof over his head.
Dumbest thing ever. Can't donate to the homeless. Your money isn't tangible so what if computers go down? & they mess up everyone's balance I need most of my money in my safe
I hate cash, credit cards all the way.
