Sweden, which has so far led Europe in reducing cash payments, is making a U-turn. After previously urging citizens to keep cash for emergencies, the Swedish authorities are now proposing that supermarkets and pharmacies in the country be required to accept cash payments, Agence France-Presse reported, BTA reported.
Many Swedes have not handled banknotes for years, as most shops and restaurants do not accept them, and payments are mainly made by card or via online services. Most bank branches also do not process cash deposits or withdrawals, with customers being directed to online banking.
Sweden's central bank “Riksbank“ (Riksbank), however, has already recommended that every adult citizen have 1,000 Swedish kronor in cash (approximately 93 euros) to cover their weekly expenses for basic purchases. The bank also recommended that residents of the country have the option of paying in cash “in case of temporary disruptions, a crisis or, in the worst case, war“.
The country's government has submitted a bill to parliament that would oblige supermarkets and pharmacies to accept cash payments. The proposal also envisages that banks allow customers to deposit cash, and that shops and businesses have access to services for depositing their daily turnover.
The transition to digital payments in Sweden has proceeded quickly and without serious difficulties despite partial resistance, mainly from older people who are not familiar with online services, AFP reports. According to official statistics, the amount of cash in circulation in the country has almost halved since 2008.
“The digitalization of society has developed very quickly and has created new opportunities, but also brought risks“, said Minister of Public Administration Erik Slottner. “One of the key risks is that some citizens, especially the elderly, may be left out of the digital payment system“, he said, adding that it was therefore “important to strengthen our responsibility“ by requiring supermarkets and pharmacies to accept cash payments.
Sweden is strengthening civil protection and “general defense” measures after Russia's full-scale invasion of Ukraine in 2022 - part of Stockholm's crisis preparedness strategy, ensuring that the country's residents can secure essential goods and services even in the event of a shutdown of electronic payment systems or other emergencies.