In Sweden, the jingling of coins is almost completely absent, because in the Scandinavian country almost everything is paid for by card – even the ice cream from the corner stand. Many pay digitally, most directly with their mobile phones. Often there is no other option, because many shops have signs that say: “We do not accept cash“.
Payments should also be possible without the internet
Björn Eriksson sees this as a problem for consumers: “I think people should decide for themselves. Whoever wants to pay electronically, let them do it. But it should still be possible to pay with cash if one wishes," he said in a report by German public broadcaster ARD.
Stockholm residents have long been fighting to keep cash in hand. Now it is also a priority for the Swedish government. A new cash law comes into force today (July 1), which obliges grocery stores and pharmacies to accept coins and banknotes again.
This is an important step at the right time, says Elin Rittola of the Swedish Central Bank. “Due to the new geopolitical situation, cash is once again becoming more important. It's about security, about having payment methods that work even when, for example, the internet or the power supply goes out," the German public media quoted him as saying.
Recommendation for 1,000 kronor in cash
The Swedish government also sees cash as a kind of precautionary measure for crisis situations. The Civil Protection Agency recommends that all adults should always have around 1,000 kronor in cash (around 90 euros) at home. In the event of a crisis, this amount would be enough to buy at least the most necessary things.
Many Swedes don't even have that much, because for years they have not paid with cash, but exclusively with a card or via Swish - the Swedish online payment system. “I would say that Sweden is a country whose population is quite positive about technology. Many have enthusiastically embraced these new practical solutions,” says Ritola.
It’s also about social integration
But relying solely on digital payments can also be risky. Swedes realized this in 2021, when a total of 800 supermarket branches across the country were blocked after a cyberattack. For Björn Eriksson and his initiative to preserve physical money, it’s not just about security, but also about social integration.
“Many people have difficulty with digital payments, for example people with disabilities and the elderly,” he says. For him, the new law is a first step in the right direction. He is happy that at least in the supermarket and pharmacy he can now pay with cash without any problems again, ARD also points out.
Author: Charlotte Litgen (ARD)