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Sweden is to become the first country in the world to from bank notes and coins to a cashless economy. Only three per cent of transactions in Sweden are made using ; the rest is credit cards or mobile phone . This compares to 7 per cent in the USA and 9 per cent in Eurozone countries. Canada’s Chronicle Herald newspaper reported on the of Sweden’s move away from cash. It wrote: “In most Swedish cities, public buses don’t cash; tickets are prepaid or purchased with a cellphone text . A small but growing number of businesses only cards." It also said churches are only accepting digital donations and not currency.

Sweden was the first European country to bank notes in 1661. Today, the Swedish Bankers' Association is just one group in favour of a cashless . Its security expert Par Karlsson said “Less cash in circulation makes things , both for the staff that cash, but also of course for the public.” Bank robberies have down from 110 in 2008 to just 16 in 2011. Political corruption has also because of the digital generated by electronic transactions. Not everyone supports getting of cash. Small business owners see it as another way for banks to make bigger . Banks from 5 Swedish kronor ($0.80) for every payment made by credit card.

 


 
 
 
 
 
 
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