Wednesday, May 22nd, 2019

‘Cash is Being Eradicated’: Digital Payments Take Over Western World

Published on December 31, 2015 by   ·   No Comments
https://www.flickr.com/photos/76657755@N04/
Tax Credits/Flickr

 Michael Snyder | Economic Collapse Blog

Did you know that 95 percent of all retail sales in Sweden are cashless?  And did you know that the government of Denmark has a stated goal of “eradicating cash” by the year 2030?

All over the world, we are seeing a relentless march toward a cashless society, and nowhere is this more true than in northern Europe.  In Sweden, hundreds of bank branches no longer accept or dispense cash, and thousands of ATM machines have been permanently removed.  At this point, bills and coins only account for just 2 percent of the Swedish economy, and many stores no longer take cash at all.

The notion of a truly “cashless society” was once considered to be science fiction, but now we are being told that it is “inevitable”, and authorities insist that it will enable them to thwart criminals, terrorists, drug runners, money launderers and tax evaders.  But what will we give up in the process?

In Sweden, the transition to a cashless society is being enthusiastically embraced.  The following is an excerpt from a New York Times article that was published on Saturday…

Parishioners text tithes to their churches. Homeless street vendors carry mobile credit-card readers. 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.

Few places are tilting toward a cashless future as quickly as Sweden, which has become hooked on the convenience of paying by app and plastic.

To me, giving money in church electronically seems so bizarre.  But it is starting to happen here in the United States, and in Sweden some churches collect most of their tithes and offerings this way

During a recent Sunday service, the church’s bank account number was projected onto a large screen. Worshipers pulled out cellphones and tithed through an app called Swish, a payment system set up by Sweden’s biggest banks that is fast becoming a rival to cards.

Other congregants lined up at a special “Kollektomat” card machine, where they could transfer funds to various church operations. Last year, out of 20 million kronor in tithes collected, more than 85 percent came in by card or digital payment.

And of course it isn’t just Sweden that is rapidly transitioning to a cashless society.  Over in Denmark, government officials have a goal “to completely do away with paper money” by the year 2030

Sweden is not the only country interested in eradicating cash. Its neighbor, Denmark, is also making great strides to lessen the circulation of banknotes in the country.

Two decades ago, roughly 80 percent of Danish citizens relied on hard cash while shopping. Fast forward to today, that figure has dropped dramatically to 25 percent.

We’re interested in getting rid of cash,” said Matas IT Director Thomas Grane. “The handling, security and everything else is expensive; so, definitely we want to push digital payments, and that’s of course why we introduced mobile payments to help this process.”

Eventually, establishments may soon have the right to reject cash- a practice that is common in Sweden. Government officials have set a 2030 deadline to completely do away with paper money.

Could you imagine a world where you couldn’t use cash for anything?

This is the direction things are going – especially in Europe.

As I have written about previously, cash transactions of more than 2,500 euros have already been banned in Spain, and France and Italy have both banned all cash transactions of more than 1,000 euros.

Share the Truth:
  • Digg
  • Facebook
  • Twitter
  • Google Bookmarks
  • Global Grind
  • MySpace
  • Ping.fm
  • Tumblr
  • email

Readers Comments (0)




Please note: Comment moderation is enabled and may delay your comment. There is no need to resubmit your comment.

Daily News and Blogs

Listen to the TIS Network on blogtalkradio.com

Check Out Pop Culture Podcasts at Blog Talk Radio with TIS Network on BlogTalkRadio

Like us on Facebook

Advertise Here

Advertise Here