Tuesday, November 11, 2014

Sweden - Cashless Society?

I don't know the definition of a true cashless society, but I didn't have to touch cash for any purpose in the last 4 days, here in Sweden.  In fact, I needn't have purchased Swedish Krona from Western Union, shelling out a heavy commission.  (They charge SEK 50 per transaction.)
(picutre source - http://2.bp.blogspot.com/-4hZkGSls8LQ/TkvGzrvg92I/AAAAAAAAAD0/a9Fkj1Vt5kQ/s1600/geen+geld.jpg)

From train stations, convenient stores to fast food restaurants,  all accept cards for transactions of any value.  The only prerequisite is a chip embedded card with two factor authentication.  (Interestingly, my US citi bank issued card doesn't carry a chip but all my India cards do).

There is lot of talk in India about black money and bringing back monies stashed in Swiss Banks.  One way to stop the growth of black money would be to make card transactions easier and prohibiting cash transactions over INR 1000.

Tags - Travel, Sweden, Travelogue #65