Aino Bunge: All parts of the cash chain must work

“Legislation is now needed to ensure that it is still possible to pay with cash in Sweden. Ultimately, it is the state's responsibility to ensure that payments are safe, efficient and accessible – and that all parts of the cash chain work – in normal times, in crises and in a state of heightened alert,” Ms Bunge emphasised.

Digitalisation has contributed to innovative, fast and convenient payment solutions, with Sweden at the forefront. But this development has also created problems, such as financial and digital exclusion. Ms Bunge also pointed out that digital systems must be resilient, so that payments can be made even in a crisis situation or in a state of heightened alert if, for example, electricity and data communications were no longer working.

Cash can help to improve the resilience of the payments system. However, a survey by the Riksbank shows that only one in ten people have used cash for their most recent purchase in a shop, while an increasing number of businesses have stopped accepting cash.

“This development could lead to even more people ceasing to accept cash and make it difficult to obtain and use cash. We are therefore in favour of the Government setting up an inquiry into the possibility of paying for certain essential goods in cash. However, we need to look at the whole cash chain. The Riksbank therefore considers that measures are also needed to secure the transport of cash to and from retailers, as well as the possibility of depositing daily takings.”