"Sweden has always been at the forefront of technology, so it's easy to embrace this," said Jacob de Geer, a founder of iZettle, which makes a mobile-powered card reader.
In Sweden parishioners text tithes to their churches, homeless street vendors carry mobile credit-card readers, and even the Abba Museum, despite being a shrine to the 1970s pop group that wrote "Money, Money, Money," considers cash so last-century that it does not accept bills and coins.
"We don't want to be behind the times by taking cash while cash is dying out," says Bjorn Ulvaeus, a former Abba member who has leveraged the band's legacy into a sprawling business empire, including the museum.
But not everyone is pleased with the process. Remember, Sweden is the place where, if you use too much cash, banks call the police because they think you might be a terrorist or a criminal.
Swedish banks have started removing cash ATMs from rural areas, annoying old people and farmers. Credit Suisse says the rule of thumb in Scandinavia is: "If you have to pay in cash, something is wrong."
Sweden's embrace of electronic payments has alarmed consumer organizations and critics who warn of a rising threat to privacy and increased vulnerability to sophisticated Internet crimes.
Last year, the number of electronic fraud cases surged to 140,000, more than double the amount a decade ago, according to Sweden's Ministry of Justice. Older adults and refugees in Sweden who use cash may be marginalized, critics say, and young people who use apps to pay for everything or take out loans via their mobile phones risk falling into debt.
"It might be trendy," says Bjorn Eriksson, a former director of the Swedish police force and former president of Interpol. "
But there are all sorts of risks when a society starts to go cashless."
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