Payments in Sweden 2020

Cash free – not problem-free

Other problems can also arise

Published: 29 October 2020

When fewer people use cash, other problems also arise. For example, the number of counterfeit banknotes has increased. These are often of low quality but, when fewer people are using cash, fewer people also have knowledge of what a genuine banknote looks like and the risk then increases that somebody will accept a counterfeit banknote.

As demand for cash services decreases, increasing numbers of banks also stop offering these. Four of the five largest banks in Sweden now offer no manual cash services over the counter at all or only do so at two or fewer offices in the whole country. Instead, customers are referred to ATMs for cash services. ATMs for the withdrawal of banknotes can be found at relatively many places across the country but CDMs (cash deposit machines) are significantly fewer. It is also becoming increasingly difficult for households to deposit their coins and, at present, there are only a few coin deposit machines. Increasing numbers of shops are also choosing not to accept cash.