Cash-free Sweden backpedals on banknotes
Stockholm, Mar 18, 2026
Synopsis
Sweden is reversing its move towards a cashless society. Citizens are now advised to keep cash for emergencies. Grocery stores and pharmacies will be required to accept banknotes. This change comes as the nation strengthens its preparedness. Digital exclusion, especially among the elderly, is a key concern. Sweden is enhancing its civil defense measures.
Years after leading the revolution toward a cash-free society, Sweden is now backpedaling and urging inhabitants to keep banknotes on hand in case of emergency and requiring grocery stores and pharmacies to accept cash.
Many Swedes haven't touched banknotes in years, with very few restaurants, shops or services accepting cash and almost everything paid for by card or various online services.
Even most bank branches no longer handle cash deposits or withdrawals, with customers referred to online banking services.
But earlier this month, the Swedish central bank recommended that households keep 1,000 kronor (around $107) in cash on hand per adult to cover a week's purchases of essential goods.
In addition, it urged Swedes to make sure they had several payment methods at their disposal, including cash, credit cards and cell phone-based internet payment services, "in case of temporary disruptions, crisis, or in the worst case, war."
And on Wednesday, the government submitted a bill to parliament that would require grocery stores and pharmacies to accept cash.
It would also require that banks make it possible for customers to deposit cash and for stores and companies to have access to services for depositing their daily cash takings.
Sweden's transition to a cash-free society has gone quickly and smoothly for the most part, though there has been some opposition, primarily from elderly people uncomfortable with online banking.
The amount of cash in circulation in the Scandinavian country has been almost halved since 2008, according to official statistics.
"The digitalisation of society has gone very quickly and created many opportunities, but has also entailed certain risks," Public Administration Minister Erik Slottner said in a statement.
"A major risk is that digital exclusion is spreading, not least among the elderly," he said, adding that requiring grocery stores and pharmacies to accept cash was "important for strengthening our preparedness".
Sweden has been beefing up its civil preparedness and so-called "total defence" measures since Russia's full-scale invasion of Ukraine in 2022.
[The Economic Times]
