December 21st, 2015 by Elma Jane
You will think United States or China are the two world’s biggest market when it comes to digital payments and other cashless spending systems. But according to a study, the answer is a less likely source: Sweden is actually on its way to becoming a fully cashless society.
Several factors have come together to give the Swedes an unexpected edge, a combination of IT awareness, and a growing number of useful mobile payments solutions.
The entire country currently only has about 80 billion Swedish crowns in circulation, and as users more often turn to mobile payment systems, the need for cash only declines. About 20 percent of all purchases made in cash in Swedish retail, and that number is falling off almost daily.
Some transactions can only be carried out by digital payments, since the mobile apps are convenient, free to use, and generally regarded as secure, there’s not much impediment for users to turn to such systems.
A truly cashless society is probably a bridge too far; there will always be those who’d rather handle cash. Only time will tell if the market shapes up looking like this, but even with lower actual results than projected, that’s still a lot of people turning to mobile payment and other cashless payment systems. There will still be a huge majority trending toward cashless society.
http://paymentweek.com/2015-12-18-world-leader-in-cashless-trading-an-unexpected-source-9182/
Posted in Best Practices for Merchants Tagged with: digital payments, mobile payment systems, Mobile Payments, mobile payments solutions, payment systems, payments solutions