Question

World's first country to have cashless economy
1. Canada
2. Sweden
3. France
4. Belgium

Answer 1

Correct Answer - Option 2 : Sweden

The correct answer is Sweden.

• Sweden is World's first country to have a cashless economy. 
• In 2023, Sweden is proudly becoming the first cashless nation in the world, with an economy that goes 100 percent digital.
• Currently, about 80 percent of Swedes use cards with 58 percent of payments being made by card and only six percent made in cash, according to the Swedish Central Bank.
• Sweden is one of the best examples of the results of efforts to create a cashless society.
• Sweden is exceptional in that the amount of cash in circulation has reduced substantially.
•  A popular mobile payment app, Swish, used by half of the country’s 10 million population, enables payment transfers to people and businesses.
•  For "safety regulations", the maximum amount a bank customer could withdraw was about 5,000 to 10,000 SEK per week, and similar "security rules" for deposits were established as well.

•  A cashless society describes an economic state whereby financial transactions are not conducted with money in the form of physical banknotes or coins, but rather through the transfer of digital information (usually an electronic representation of money) between the transacting parties.
• The trend towards the use of non-cash transactions and settlement began in daily life during the 1990s when electronic banking became popular.
• Dhasai, a quaint village in Murbad taluka located about 100 km to the northeast of Mumbai, embraced a cashless economy on December 1 last year, roughly a month after demonetisation.