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Sweden Tries To Halt Its March To Total Cashlessness (bloomberg.com)
An anonymous reader quotes a report from Bloomberg: A key committee of Swedish lawmakers wants to force the country's biggest banks to handle cash in an effort to halt the nation's march toward complete cashlessness. Parliament's Riksbank committee, which is in the process of reviewing the central bank law, proposed making it mandatory for banks to offer cash withdrawals and handle daily receipts. The requirement would apply to banks that provide checking accounts and have more than 70 billion kronor ($8 billion) in deposits from the Swedish public, according to a report.
The lawmakers said there needs to be "reasonable access to those services in all of Sweden," and that 99 percent of Swedes should have a maximum distance of 25 kilometers (16 miles) to the nearest cash withdrawal. The requirement doesn't state how banks should offer those services, and lenders can choose whether to use a third party, machines or over-the-counter services. The move is a response to Sweden's rapid transformation as it becomes one of the most cashless societies in the world. That's led to concerns that some people are finding it increasingly difficult to cope without access to mobile phones or bank cards. There are also fears around what would happen if the digital payments systems suddenly crashed.
The lawmakers said there needs to be "reasonable access to those services in all of Sweden," and that 99 percent of Swedes should have a maximum distance of 25 kilometers (16 miles) to the nearest cash withdrawal. The requirement doesn't state how banks should offer those services, and lenders can choose whether to use a third party, machines or over-the-counter services. The move is a response to Sweden's rapid transformation as it becomes one of the most cashless societies in the world. That's led to concerns that some people are finding it increasingly difficult to cope without access to mobile phones or bank cards. There are also fears around what would happen if the digital payments systems suddenly crashed.
Less than month ago Sweden told its people to prepare for disasters, including possible war with Russia. One of the first thing the Ruskies will do is cyber attacks on infrastructure, which includes the financial system.
The leading (near monopoly) Swedish cashless app just got sold to foreigners. Very much time to revert to cash if you don't want your economy held to ransom by incremental fee increases.
Yes it's great when it WORKS.
But really dumbfuck, I've experienced more than once that there been a system failure and you can't even purchase a fucking package of milk because there is NO fallback what so ever in Sweden, they don't process debitcards offline AT ALL.
You're missing the point by projecting US values on Sweden. There are major differences:
1. Government isn't the enemy of the people, nor is it seen as one. It's overwhelmingly seen as organisation for the people, by the people. This is common in Nordics because here it isn't the government that was the major oppressive force on people. It was the extremely harsh climate. Government was the means to counter this major oppressive force, and actually survive to modernity.
2. Things like tax collection are widely seen primarily as civic duty, not as a burden. That's why we have "omg your tax rate is WHAT?!?!?!" reaction from North Americans migrating here. As well as "your government fully funds WHAT?!?!?!?!" when they have to go to the hospital, take their children to daycare, or take a university class while living on their own.
This however makes the reality of not being able to handle payments while living in the rural areas a reality during things like winter storms, when it's really critical for survival that payment is possible. Reminder of the historic reasons for #1 applies here. So government has noticed that there is a genuine problem in rural areas with cashlessness, and is now acting within its primary mandate of ensuring that backup systems work regardless of how it disadvantages the bureaucracy in Stockholm.
It is how Nordic government works as a matter of principle, and the main reason why most people from other cultures have such massive hurdles comprehending just why many things they're used to "being left to their own devices" "just work" here. It's the way citizenry and state interact with one another in a region where both had to support one another against the primary common enemy that is Nordic winter.
That touches on my main worry about cashless: power concentration. You don't feel it until a bit later when this concentrated power decides to use it .
- Let's introduce negative interest rates
- from now on we don't want you to pay to fund organisations of type X
- from now on it is impossible to do trade with person Y
Checks and balances, there's a reason for it.
How's about a better example then. Since your 'civilised' country still has backwards, barbaric drug policies that increase the level of harm, because they're unwilling to accept science and reason because of moral judgements, how do drug dealers handle a cashless economy?
(No country has acknowleged the failure of the War on Drugs and eliminated prohibition as their policy for drugs beyond pot. Only Portugal has even decriminalized personal possession of tiny quantities, still miles away from what a civilized, rational country would do if their interest actually was minimizing the harm of hard drugs; limited-access heroin maintenance programs are similarly far too narrow in scope to count. More civilized than the US != civilized)