Mobile App revolutionized payments in Sweden, which has been among the first to implement technological developments
Smartphones are revolutionizing society and now they are contributing to that Sweden is likely to become the first country where banknotes and coins will cease to exist. The increase in payments through an application on the phone is influencing the decrease in “live” circulation of money and being the Swedes a people clearly adept new technologies, by 2030 or 2040 is possible that payments or other operations are all done electronically.
Niklas Arvidsson, the Royal Institute investigator of Technology in Stockholm, pointed out, quoted by The Independent that the use of banknotes and coins in Sweden “is rapidly decreasing.” This Nordic country was among the first to install ATMs, implementing card payments … and in the meantime has started to withdraw cash machines. Arvidsson himself says that Sweden has a “tradition to give a warm welcome to electronic payments.
The application Swish call (similar to MB Way recently created by SIBS in Portugal) is responsible for revolutionizing payments via smartphone. This form of pay will help fight organized crime, tax evasion and also robberies.
However, Arvidsson warned of the need to consider that not everyone has a smartphone, so It is necessary to maintain active forms of alternative payment. Still, points out that the younger generations grow already educated for new systems, while the use of notes and coins remains among the older population.
Another issue is that of privacy. Arvidsson said that the possibility of a government to control the electronic movement of money can cause problems if it is found abuse by, for example, “corrupt regimes”.
Although probably only in 15 or 25 years there is no “live” money in circulation, still in Sweden the banknotes and coins will be virtually out of circulation within a decade.
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