Sweden and Norway promote cash usage for security

Sweden and Norway are experiencing a shift in their approach to cash due to growing concerns about security and potential conflicts with Russia. Both countries have been moving away from cash transactions, embracing technology instead. However, recent developments have prompted officials to advise the public to use and keep cash on hand. In Sweden, only about 10% of purchases are now made using cash, with card payments dominating. The mobile payment service Swish is also very popular. However, the Central Bank has noted that Sweden and Norway have the least amount of cash in circulation relative to their economies. As tensions rise with Russia, authorities are becoming more concerned about the risks of relying solely on digital payments. In response to these concerns, Sweden's government is encouraging citizens to regularly use cash and keep a supply at home. Last November, the Defence Ministry sent out a brochure titled "If Crisis or War Comes," advising families to have enough cash for emergencies. The Central Bank emphasized the need for measures that ensure everyone can make payments, even in times of crisis. Norway is also taking action. The government has introduced laws that require businesses to accept cash payments or face fines. Officials have advised citizens to keep some cash accessible due to the threats posed by cyber-attacks on digital systems. A former minister highlighted the importance of maintaining cash as a reliable option in emergencies, warning that if no one uses cash, it may not be a feasible solution during a crisis.