Cash is decreasing in number and for several years the issue has been the subject of debate. The flexibility of digital payment services has meant that the vast majority of people are content to live cash-free, at the same time organizations such as Kantantupproret have highlighted the importance of cash in a crisis and how a cashless society puts several groups on the periphery of society.
At the same time, Sweden is gearing up and in the Swedish Agency for Community Protection and Preparedness’s new brochure it is stated that you should have cash at home in the event of a possible crisis or war.
DON’T MISS: Didn’t get the “If War Comes” brochure? This is why
The Riksbank wants to introduce requirements for cash
On 31 July 2007, there were a total of SEK 110,692 million in banknotes and coins in circulation in Sweden. The same figure on 30 November 2024 was SEK 57,421 million, according to statistics from The Riksbank.
On Monday, the news came that the Riksbank wants to see a requirement that traders who sell essential goods, such as food and medicine, must be able to accept cash.
Photo: Fotograferna Holmberg / TT.
– The majority of Sweden’s population can make their purchases with cards or other digital means. However, there are still a number of people who are outside the payment system. It is important that all people have the opportunity to make payments, says the Riksbank’s spokesperson Susanne Meyer in an earlier interview with News24.
READ MORE: Cash requirements may be introduced in Sweden: “Greater access is required”
Swedish Handel: Who will pay for the cash?
Some who have been critical of the Riksbank’s proposal are the organization Svensk Handel. The proposal is not as brilliant as the Riksbank presents it, explains Bengt Nilervalleconomic policy expert in payment issues at Swedish Trade.
– Grocery stores and pharmacies today accept cash as a means of payment to a very large extent and intend to continue doing so. The trade is absolutely aware that they have to take part of the costs but not the whole cost, the state should back it up financially, says Nilervall to Nyheter24.
According to the Riksbank’s proposal, the requirement would fall directly on the companies. At the same time, Susanne Meyer at the Riksbank says that the costs for companies must be “reasonable”.
READ MORE: News today – current news from Sweden and the world
DON’T MISS: Latest news – take part in what’s happening right now
Bengt Nilervall, economic policy expert at Swedish Trade. Photo: Swedish Trade.
Nilervall at Svensk Handel sees the private market itself as unsustainable in the long run.
– Cash purchases decrease from year to year. So when certain industries are singled out, we want to underline the importance that the risks and vulnerability also increase significantly if only these industries have cash. In the long term, it will be completely unsustainable for the private market to maintain security themselves and take all the costs, he explains, and continues:
– Swedish Trade believes that if the state makes demands on market players to perform socially important cash services that lack commercial viability, the state should also take financial responsibility, just as it does for other socially important infrastructure.
DON’T MISS: Do you have old cash at home? They may be worth more now
“Cash is the most expensive means of payment”
Bengt Nilervall emphasizes that since the cash in circulation is less today, the costs of guaranteeing a flow of cash will be high.
– With fewer and fewer customers using cash, the market for handling the cash is also getting smaller. It becomes more expensive from year to year to handle cash, which the Riksbank’s survey also shows. Cash is the most expensive means of payment for trade.
The use of cash is decreasing rapidly in Sweden. Photo: Fredrik Sandberg / TT.
It is not yet possible to say what any legislation on this could look like. However, the Riksbank has submitted several legislative proposals to the Ministry of Finance and is now waiting for a response.
Bengt Nilervall at Swedish Trade emphasizes that support will be needed for those who are subject to the requirements.
– The starting point for the entire retail trade is that it is the consumers who rule, as long as the customers pay with cash, the traders will accept cash, says Bengt Nilervall at Swedish Trade to Nyheter24.