That’s why the shops have stopped accepting cash: “Big risks”

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Thats why the shops have stopped accepting cash Big risks

With digitization and the modern payment solutions it offered Swedish consumers, the use of cash has steadily decreased over the past decades.

However, in connection with the Russian invasion war in Ukraine, the cash received a boost, then as part of a crisis preparedness.

– It has been seen that cash has become part of a kind of prepping idea, where more and more people have cash at home in case the worst should happen, Niklas Arvidssonprofessor of industrial economics and organization at the Royal Institute of Technology in Stockholm, previously told News24.

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Photo: Isabell Höjman/TTRiksbanken has warned of the development

At the same time, the Riksbank has, as recently as this spring, stated that it wants to see the government act so that cash can continue to be used as a means of payment in Sweden.

– If you don’t make active decisions now, we could have a situation before too long where cash is almost unusable in Sweden, said SVT when.

DON’T MISS: The warning: Cash is at risk of becoming unusable

Photo: Magnus Lejhall/TT 91 percent of stores accept cash

Now, however, a survey conducted by Demoskop on behalf of Swedish Tradethat 91 percent of retail stores as a whole accept cash.

– Trade continues to take responsibility in the cash handling issue. As long as there is demand among customers, the trade will continue to provide the payment method. It is important, not least from a preparedness perspective in a troubled environment, says Bengt Nilervallpayment expert at Swedish Handel, i a press release.

DON’T MISS: Therefore, you may be refused payment with cash in shops

Photo: Caisa Rasmussen/TT

READ MORE: So little cash is in circulation in Sweden

Reasons for not accepting cash

But there are some shops that have actually chosen to stop accepting cash as a means of payment. In the survey, which is based on 880 interviews, these traders state the reasons for the decision.

Several answer options were possible to choose for each merchant, but it still appears that the top three reasons given are security reasons, costly handling and wanting to reduce administration.

  • For security reasons: 55 percent
  • For costly handling: 53 percent
  • To reduce administration: 52 percent
  • For few customers who paid with cash: 44 percent
  • Change was hard to come by: 28 percent
  • There was no available service (service box, deposit machine, etc) where we could leave our cash: 17 percent
  • The union did not want the staff to handle cash: 1 percent
  • Other: 17 percent
  • Don’t know: 2 percent

    • Photo: Janerik Henriksson/TT

    Among the respondents who opted out of cash as a means of payment for security reasons, it is stated that it is a risk of being exposed to crime. This is what three traders in the survey say:

    “Cash handling entails great risks, such as break-ins and robberies.”

    “It is VERY expensive with the cash handling from our side as the bank does not accept these.”

    “The staff felt safer without cash. The risk of robbery is reduced was their justification.”

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