"Sweden and Norway are backpedalling on plans for cashless societies over fears that fully digital payment systems would leave them vulnerable to Russian security threats, and concern for those unable to use them.

A combination of good high-speed internet coverage, high digital literacy rates, large rural populations and fast-growing fintech industries had put the Nordic neighbours on a fast track to a future without cash.

Swish, a mobile payment system that six banks launched in 2012, is ubiquitous in Sweden, from market stalls to coffee shops and clothes stores. The Norwegian equivalent, Vipps, which merged with Danish MobilePay in 2022 to form Vipps MobilePay, is also very popular. Last month, it also launched in Sweden."

#Sweden #Norway #CashlessSociety #Russia #CyberSecurity #Money #Banking

https://www.theguardian.com/world/2024/oct/30/sweden-and-norway-rethink-cashless-society-plans-over-russia-security-fears