Why Sweden Is Abandoning Its Cashless Society
11th October 2026
Sweden was predicted to become entirely cashless by 2030.
As the country developed its own mobile payment system, called Swish, banks slowly stopped handling cash, and tills disappeared from shops.
With cash circulation the lowest as a share of GDP in the world, Swedish progress was lauded, and observers wondered how it had forged so far ahead of the rest of Europe so quickly.
Note the assumption that becoming a ‘cashless society’ represents progress, and that such progress is an unqualified good.
It all changed when Russia launched its invasion of Ukraine.
Realising that reliance on an electronic payment system left Sweden vulnerable to blackouts or sabotage, the Riksbank – Sweden’s central bank – urged civilians to keep 1,000 Swedish kronor (£80) per adult at home.
The government issued a brochure entitled “If Crisis or War Comes” to every household, advising Swedes to use cash regularly to “strengthen preparedness”.
A stark lesson in the universal law: Not every new idea is a good one, and not every good idea is a new one.