Sweden Moving Towards Cashless Economy 447
cold fjord writes "Sweden is rapidly moving towards a cashless economy. How will Sweden, and other countries in the future, balance efficiency, privacy, government control, and civil liberties? Or will they do all that technology allows? 'Bills and coins represent only 3 percent of Sweden's economy, compared to an average of 9 percent in the eurozone and 7 percent in the U.S. ... The Swedish Bankers' Association says the shrinkage of the cash economy is already making an impact in crime statistics. The number of bank robberies in Sweden plunged from 110 in 2008 to 16 in 2011 — the lowest level since it started keeping records 30 years ago. It says robberies of security transports are also down. The prevalence of electronic transactions — and the digital trail they generate — also helps explain why Sweden has less of a problem with graft than countries with a stronger cash culture, such as Italy or Greece, says economics professor Friedrich Schneider of the Johannes Kepler University in Austria. The flip side is the risk of cybercrimes. According to the Swedish National Council for Crime Prevention the number of computerized fraud cases, including skimming, surged to nearly 20,000 in 2011 from 3,304 in 2000.'"
Re:Scary (Score:4, Informative)
I can assure you Sweden is not among them. People here are fairly sceptical to politicians, and one of the massive headaches for our government right now is that people don't like the data-retention laws that EU directives require member states to implement. Basically most people here pretty much just wants government to do its job and not fuck it up. The American crusade-like political rallying you have before every US elections would just not work in Sweden, since such candidates would be perceived as crazy and unelectable. The current right wing government likely got to power precisely because their leader, Fredrik Reinfeldt, has a fairly calm and down to earth image. That doesn't mean we don't have people screaming at the top of their lungs about immigration and whatnot. They just don't get enough votes to define policy.
Re:Some disadvantages as well... (Score:4, Informative)
1). A lot of these fundraiser things are outside grocery stores and such. And most places like that will allow you to get cash back after using a debit card.
2). That's what the Square credit card reader is for.
Re:Scary (Score:5, Informative)
VISA does not know how many candy bars you bought, retail corporate does.
Target certainly knows this - and more. See this NYT article: How Companies Learn Your Secrets [nytimes.com]. From page 7 of 8:
About a year after Pole created his pregnancy-prediction model, a man walked into a Target outside Minneapolis and demanded to see the manager. He was clutching coupons that had been sent to his daughter, and he was angry, according to an employee who participated in the conversation.
“My daughter got this in the mail!” he said. “She’s still in high school, and you’re sending her coupons for baby clothes and cribs? Are you trying to encourage her to get pregnant?”
The manager didn’t have any idea what the man was talking about. He looked at the mailer. Sure enough, it was addressed to the man’s daughter and contained advertisements for maternity clothing, nursery furniture and pictures of smiling infants. The manager apologized and then called a few days later to apologize again.
On the phone, though, the father was somewhat abashed. “I had a talk with my daughter,” he said. “It turns out there’s been some activities in my house I haven’t been completely aware of. She’s due in August. I owe you an apology.”