What Australia can learn from Sweden's move to a cashless society
As Australia flirts with the idea of a cashless society after coronavirus, Sweden has a warning: be careful what you wish for. Key points: A report predicts Australia could be cashless within two years 500,000 Australians still have a bank account with no linked debit card A Swedish expert says moving too fast can have unintended consequences Sweden is often cited as the most cashless country in the world. "If you walk in the city in Stockholm nowadays, most of the stores will have signs saying they don't accept cash anymore," says Niklas Arvidsson, an associate professor at Sweden's Royal Institute of Technology. It's led global firm Research and Markets to estimate that Australia could become the Asia-Pacific's "first cashless society" by 2022. "A significant number of older Australians still operate passbook accounts with which they withdraw cash at a bank branch, and do not have any card linked to that account," Council on the Ageing CEO Ian Yates said.
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