For Sweden’s youth, the advantages of a cashless society are clear. Cards are accepted everywhere — and unlike cash, which cannot be replaced if it is lost — smartphones and plastic come with greater protections if they are stolen or misplaced. Johan Johnson, a 24-year-old student, told the BBC: “Cash is out of date and not really necessary.”

Others are motivated by how a cash-free world can be a good thing for the environment — and eliminate the inconvenience of constantly going to a cash machine or fishing for change.

You may think banks are a hub for cash — but in Sweden, only half of its 1,400 branches accept cash deposits. Financial institutions have helped propel the movement towards a cashless society by encouraging customers to use electronic money instead. The rationale behind this is simple: when credit and debit cards are used, banks enjoy lucrative fees. 

Swish was a joint effort between six of the nation’s major banks, and it has been downloaded by more than half of the country’s population. The app connects bank accounts with phone numbers, making it possible to settle payments from internet-enabled devices. It’s become so popular that “swishing” has become a verb in Swedish.

The number of retailers and small vendors who take cash is now thinning out, not least because of the expense associated with handling notes and coins in the first place. Although this isn’t a problem for locals, it can create a headache for tourists who lack the Swedish bank accounts and phone numbers required to use Swish.

Compared with other countries, Sweden is fairly upbeat about new technology. The nation has a reputation for embracing emerging trends — further catalyzing the cashless craze and fostering an environment where unicorn tech companies such as Skype and Spotify can thrive.