Sweden Becomes the World’s First Cashless Country Key Facts for Exams

• Sweden has officially become the world’s first cashless society in 2025 , marking a major milestone in global digital transformation. The country now conducts nearly all financial transactions through mobile payments, cards, and contactless methods , replacing traditional cash almost entirely.

1. Key Background

• The transition began with the launch of “Swish” in 2012 , a real-time mobile payment app created by major Swedish banks.

• Swish allows instant money transfers using just a mobile number , and it is now used widely by individuals, businesses, churches, and even street vendors .

• “ No cash accepted ” signs are now common across shops, cafés, and museums in Sweden.

2. Role of Riksbank (Swedish Central Bank)

• The Riksbank has guided the digital shift by maintaining financial security and innovation balance .

• It is developing a state-backed digital currency , the e-krona , to ensure inclusivity and economic stability.

• Pilot projects focus on cybersecurity and access for elderly and rural populations .

3. Cashless Travel and Tourism

• Foreign visitors can use contactless debit/credit cards for most transactions.

• However, Swish requires a Swedish bank account and BankID , so it’s not available to most tourists.

• Carrying a small amount of cash is still useful in remote areas or small local markets .

4. Exam-Oriented Highlights

• Country: Sweden

• Year Became Cashless: 2025

• Leading App: Swish (launched 2012)

• Digital Currency Project: e-krona by Riksbank

• Unique Fact: Most public transport, museums, and restaurants in Sweden are cash-free

5. Significance

Sweden’s cashless transition represents a global model for digital financial inclusion , strengthening its image as a technologically advanced and transparent economy .