Finance & Fury Podcast

Welcome to Say What Wednesday! Today’s question comes from Katherine. “I heard a story on Hack the other day about Sweden becoming a cashless society – Can you explain this further? Is it a good thing and should we be looking at doing the same thing in Australia?” Sweden going cashless: This is not a government regulated change – it’s based on the behaviours of the population. Individuals are choosing “cashless” over cash transactions Already considered to be the most cashless society in the world. More Swedes have access to a payment card than to cash, according to data from the country's central bank, Sveriges Riksbank, or simply Riksbanken. And the overwhelming majority of the nation - 85% - have access to online banking. How does it stack up? Circulation of notes and coins as a percentage of gross domestic product (GDP) Sweden: Just 2% of the total value of transactions in Sweden consist of cash Australia: About 4.2% of GDP Cash transactions in stores Sweden: 20% of payments in shops are made in ca