Reports show that 900 of 1,600 bank branches in Sweden no longer store cash, and they will no longer accept cash deposits.
A cashless society is the concept of an economic state that is maintained without transferring money in any physical form, but rather with transactions of digital information. A cashless economy can provide faster financial interactions and a more transparent monetary system. Cashless payments are already some of the most used methods for in-store purchases in some countries, and cash usage is declining over time. The profit of a cashless society seems to be significant, though a cashless economy raises a few concerns. Cashless countries may start to suffer from unlimited control and surveillance of people’s transactions, interests and private issues that involve money transfer. Despite these concerns, cashless societies are developing rapidly, including parts of some major institutes like modern cashless schools, restaurants, transportation companies and lots of IT services.