Sweden could very well be the first country to one day go totally cash-free.
But there may be issues brewing with the move to all digital transactions and a lack of physical currency. According to the newspaper:
Not everyone is cheering. Sweden’s embrace of electronic payments has alarmed consumer organizations and critics who warn of a rising threat to privacy and increased vulnerability to sophisticated Internet crimes. Last year, the number of electronic fraud cases surged to 140,000, more than double the amount a decade ago, according to Sweden’s Ministry of Justice.
“It might be trendy,” said Bjorn Eriksson, a former Interpol president in an interview with the Times. “But there are all sorts of risks when a society starts to go cashless.”
The report continued that physical bills and coins amount to just 2% of the country’s economy. The U.S., meanwhile, is at 7.7%.