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Is Cash Still King?

Tuesday, May 7, 2019   (0 Comments)
Posted by: Communications Associate
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Is Cash Still King?

Despite New Technologies for Electronic Payments, Cash Has Never Been More Popular. What's Driving the Demand?

 2018 | richmondfed.org 

 

In Sweden, signs declaring "no cash accepted" or "cash free" are becoming commonplace. In 2018, more than half of households surveyed by the Riksbank (Sweden's central bank) reported having encountered a business that refused to accept cash, compared with just 30 percent four years earlier. Many banks in Sweden no longer accept cash at the counter. Customers can still rely on ATMs for their cash needs, but those are becoming increasingly scarce as well, falling from 3,416 in 2012 to 2,850 in 2016. Given the spread of payment innovations around the world, one might expect that many other countries are following Sweden's example. But when it comes to cash, Sweden is an outlier. 

 

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