Nordic nations have been leading the cashless society revolution. Masked as a manner of efficiency, digital transactions are not demanded by governments globally as they seek to rake in all money off the grid for taxation purposes.
Sweden is nearly a cashless society, with less than 2% of transactions occurring in physical currency as of 2020. Some estimates believe cash transactions have risen to 10% as of 2025, but it is becoming less commonplace. Swish transfer, launched in 2012, is a mobile payment system that enables users to transfer money in real-time. Accounts are linked to bank accounts, and transactions are authorized by Mobile BankID. As of February 2025, Swish had over 9 million users with 8.9 million private accounts and 318,000 business accounts. Only 10.5 million people currently live in Sweden.
The governor of Risbank declared in 2017 that “half of Swedish traders believe they will stop accepting cash by 2025” and Swish would be used for “Transaction that used to be mostly cash based.” In 2010, around 40% of transactions occurred in cash compared to 2-10% today.
Norway is also close to becoming cashless. Similar to Swish, Norway uses a program called Vipps that is owned by DNB Bank. Around 90% of Norwegian bank customers are using this program. Vipps began accepting crypto last year as well.
The National Bank of Denmark reported that cash was used in only 11% of transactions in 2024. Finland has seen a drastic drop in cash transactions, accounting for under 20% of payments.
Customers across Nordic nations report having a high level of trust in their banking institutions and government. Polls and reports vary, but the aforementioned nations typically have a higher level of confidence in their national government compared to other OECD nations. The 2024 OECD poll found 48% of Norwegians had high or moderately high trust in their national government, exceeding the OECD average of 39%. Yet, that figure has declined 16% since 2021. Around 77% of Finns reported having a high level of trust in their government, and 43% of Swedes felt similarly.
Using a credit card or mobile pay option has become the new normal everywhere. Cash transactions are becoming increasingly rare. Cash is still legal tender, and governments have not banished physical currencies—yet. It will be easier for governments to mandate CBDC as the majority of citizens have already gone digital.
