The world is turning away from cash. What price we will pay?
As Sweden, the most cash-free country, is discovering, not having ‘real’ money has unexpected consequences
The collapse of cash has been dramatic. In the UK, for example, there were 11.5 billion fewer cash transactions in 2018 than in 2008 – a decline of 51%. It’s a pace of change that has surprised everyone, even industry insiders.
“The rise of the debit card and the decline of cash is the phenomenon of the last decade,” says Adrian Buckle, head of research for UK Finance, the banking trade body.
But Britain, while on the podium, is not the world champion in cashless...