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7 in 10 Swedes want to retain cash as payment option

Wednesday, March 21, 2018

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Company: ATM Industry Association

From ATMmarketplace.com

Approximately 68 percent of Swedes want cash to remain a payment option in the future, compared with 25 percent who want a completely cashless society, according to results of a survey commissioned by Bankomat AB. The remaining 7 percent of respondents said either that they didn't know or that they found the question too difficult to decide.

"More and more people choose to pay digitally, but it is still an overwhelming majority who also wants to keep cash as a payment method," Bankomat Customer and Marketing Manager Johan Nilsson said in a press release.

"There are many benefits of switching to digital payment services, but the conversion also poses a risk that those who rely on cash can have difficulties. This applies especially to small businesses and associations, as well as older and function-oriented people," he said.

People over the age of 65 are most likely to want cash as an option, the release said. Of this group — comprising approximately 2 million Swedes — 85 percent want access to cash.

Even among young adults ages 18–29, more than half (56 percent) want cash to be available, while 38 percent would prefer to go cashless, the press release said.

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