t could be argued that such a dramatic crime will never be replicated again in the Scandinavian nation. Fast forward 10 years, and cash in Sweden is on its deathbed. ATMs are being dismantled as demand for cash dwindles — and according to the deputy governor of the country’s central bank, cash in circulation now represents 1% of Sweden’s GDP.

Cash has been on the decline as a payment method in Sweden since 2007. In the eight years that followed, electronic payments grew exponentially, with their market share rising by more than 90%. Indeed, a nationwide survey of Swedish banks revealed that just 13% of payments were settled using cash in 2018.

A global movement to ditch cash and go digital has been gaining momentum for years, but few countries can match Sweden’s pace. 

The country’s government is now having second thoughts — worried about the ramifications that going cashless could have on young and old consumers. But it may be too late. More than half of Sweden’s retailers believe they will stop accepting cash altogether by 2025.

A cashless society seems inevitable. Over in Asia — especially in China – growing numbers of young people rely solely on mobile apps to make payments. Back in Europe, estimates suggest that just one in five people carry cash. 

The statistics are most sobering in Sweden, where an astounding 95% of the purchases made by 18 to 24-year-olds are performed using debit cards or a smartphone app called Swish.