Sweden, which counts high debit penetration and an almost entirely banked population, is currently the most cashless country in the world. Consumers are rapidly abandoning cash in favor of other payment methods, predominantly cards — the country has the lowest number of ATM withdrawals as a percentage of gross domestic product (GDP) in the world, and many bank branches, restaurants, stores, and even churches no longer handle cash. That’s accelerated cash’s decline: Only 2% of the total value of transactions in Sweden consist of cash — a figure that’s expected to decline to less than half a percent by 2020. This shift, which is largely a result of consumers’ lower reliance on cash, could make Sweden the first country in the world to become completely cashless. While the market is one of the most mature digital payments markets in the world, it’s still ripe for innovation and new entrants beyond cards.
Noteworthy Swedish Payment Providers [...]